Fitch: Key Specialty Drug Developers May Overcome Operating Challenges
CHICAGO -- April 18, 2013
Link to Fitch Ratings' Report: Specialty Pharmaceuticals Snapshot - Key High
Yield Consolidator Trends and Targets
Fitch Ratings sees sustained consolidation in the specialty pharmaceutical
sector as small market players try to effectively compete with larger market
participants and favorably negotiate reimbursement with commercial and
Merger and acquisitions among small drug producers is the most common way
specialty pharmaceutical manufacturers build scale. On occasion, small
specialty drug firms take advantage of major consolidation between larger drug
firms by purchasing divested marketed products required by antitrust
In the special report 'Specialty Pharmaceuticals Snapshot: Key High Yield
Consolidator Trends and Targets', Fitch Ratings examined the specialty
pharmaceutical segment for corporate consolidation opportunities that could
address current needs of three key high-yield drug makers -- Valeant
Pharmaceuticals International Inc., Endo Health Solutions Inc., and Warner
The three specialty pharmaceutical companies have different business
development approaches, yet all potentially moderated by debt incurrence
covenants in secured bank facilities.
The full Specialty Pharmaceuticals Snapshot is available at
Additional information is available at 'www.fitchratings.com'.
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Fitch Ratings, Inc.
+1 312 368-3164
Brian Bertsch, New York, +1 212-908-0549
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