Watson buys Specifar Pharmaceuticals
Expands presence in Europe and gains a manufacturing plant under construction in Athens
US pharmaceutical firm Watson Pharmaceuticals has bought Greek generic-drug developer Specifar Pharmaceuticals for €400m (US$562m) to expand its presence in Europe.
The move gives Watson, which is based in Parsippany, NJ, a presence in the €6bn Greek generics market, including a non-branded version of AstraZeneca’s gastroesophageal reflux disease drug Nexium (esomeprazole), which could be launched in Europe in the fourth quarter. Under the terms of the agreement, Specifar's former owners could receive additional sums based on future profits from this product.
Specifar, which had annual revenue of approximately €85m in 2010, has a generic portfolio of more than 30 products, including internally developed and in-licensed products.
The company also markets products in Greece under the brand name Alet Pharmaceuticals.
Specifar currently manufactures generic pharmaceutical products in an EU-approved facility located in Athens with capacity for approximately 1 billion doses annually. A new plant is currently being built just outside Athens, which will manufacture an additional 3–5 billion doses. This capacity will ultimately permit Watson to convert additional third-party manufactured products to own-manufactured.
‘We are very pleased that Specifar has become part of our global organisation,’ said Paul Bisaro, Watson's president and ceo. ‘We look forward to working with the management team to continue Specifar's growth and to expanding the opportunities for success within Watson.’
He added: ‘Watson will now have a powerful product development capability recognised throughout the industry for its strong track record of successfully launching products in key European markets, supported by an accomplished r&d and regulatory capability.’
