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Fitch: Key Specialty Drug Developers May Overcome Operating Challenges through Consolidation



  Fitch: Key Specialty Drug Developers May Overcome Operating Challenges
  through Consolidation

Business Wire

CHICAGO -- April 18, 2013

Link to Fitch Ratings' Report: Specialty Pharmaceuticals Snapshot - Key High
Yield Consolidator Trends and Targets
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706298

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
government payers.

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
authorities.

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
Chilcott Plc.

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
'www.fitchratings.com.'

Additional information is available at 'www.fitchratings.com'.

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PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
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CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
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OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Michael Zbinovec
Senior Director
Fitch Ratings, Inc.
+1 312 368-3164
Michael.Zbinovec@fitchratings.com
or
Media Relations:
Brian Bertsch, New York, +1 212-908-0549
Email: brian.bertsch@fitchratings.com
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