Actavis Group announces the successful completion of its acquisition of Abrika Pharmaceuticals Inc., a US based specialty generic pharmaceuticals company engaged in the formulation and commercialization of both controlled release ("CR") and other technically difficult pharmaceutical products. The Company will be consolidated into Group accounts from mid April 2007.

The acquisition increases Actavis' critical mass and ability to leverage its position in the key US market. Actavis now becomes one of the leading companies in the US market in the development of CR products, with over 50 CR products in the pipeline and 100 employees dedicated in the development of CR products. In addition, over EUR50 million is expected to be invested in CR development in 2007. The enlarged Group has 12 pending ANDAs for CR products with the FDA.

Abrika's development expertise and infrastructure will enable Actavis to utilize its existing CR technology and accelerate growth in the niche CR market. Actavis will also seek opportunities to register Abrika's products in Actavis European markets.

The formal completion follows approval from The Federal Trade Commission to let the deal proceed on the basis that Actavis and Abrika divest all rights and assets needed to market generic Isradipine capsules. The divestment has no financial impact on Actavis financials in the US.

Sigurdur Oli Olafsson, Deputy CEO:
“Our acquisition of Abrika represents another significant step forwards for our business in the US, a key market where we already generate a third of our total revenues. Abrika enables Actavis to become a leading player in the controlled release market and additional investment will enable us build on our strong position to achieve further growth.”

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