Actavis Announces Agreement with Aurobindo Pharma Limited to Divest Commercial
Operations in Seven Western European Countries
DUBLIN, Jan. 18, 2014
DUBLIN, Jan. 18, 2014 /PRNewswire/ --Actavis plc (NYSE: ACT) today announced
that it intends to enter into an agreement for Aurobindo Pharma Limited (BSE:
524804) to acquire Actavis' generics commercial operations in seven markets in
Western Europe. The transaction is conditional on certain antitrust approvals
and completion of employee consultation processes.
Aurobindo would acquire Actavis' pharmaceutical commercial infrastructure in
France, Italy, Spain, Portugal, Belgium, Germany and the Netherlands,
including products, marketing authorizations and dossier license rights. The
two companies would also enter into a long-term strategic supply arrangement.
"We believe that the value created by the commercial operations in these seven
markets will be better maximized by Aurobindo, which will gain scale,
additional products and enhanced competitive market share position as a result
of this transaction," said Sigurdur Oli Olafsson, President, Actavis Pharma.
"This transaction will permit Actavis to focus management time and resources
to support accelerated investment in driving faster growth of other markets,
including Central and Eastern Europe and Southeast Asia."
Until the transaction is completed, Actavis will continue to operate the
commercial businesses in a business-as-usual mode, providing full support to
manage the business, introduce new products and maximize its partnership with
Rothschild and Latham & Watkins acted as sole financial adviser and legal
counsel to Actavis, respectively. Jefferies International Limited acted as
sole financial advisor and Herbert Smith Freehills LLP acted as legal counsel
About Actavis Actavis plc (NYSE: ACT) is a global, integrated specialty
pharmaceutical company focused on developing, manufacturing and distributing
generic, brand and biosimilar products. Actavis has global headquarters in
Dublin, Ireland and U.S. administrative headquarters in Parsippany, New
Actavis markets generic, branded generic, legacy brands and Over-the-Counter
(OTC) products in more than 60 countries, and operates a global branded
specialty pharmaceutical business focused in the Women's Health, Urology,
Gastroenterology and Dermatology therapeutic categories. Actavis also has a
portfolio of five biosimilar products in development in Women's Health and
Oncology. Actavis Global Operations has more than 30 manufacturing and
distribution facilities around the world, and includes Anda, Inc., a U.S.
pharmaceutical product distributor.
For press release and other company information, visit Actavis' Web site at
About Aurobindo Aurobindo Pharma Limited ( www.aurobindo.com ), headquartered
at Hyderabad, India, manufactures generic pharmaceuticals and active
pharmaceutical ingredients. The company's manufacturing facilities are
approved by several leading regulatory agencies like US FDA, UK MHRA, WHO,
Health Canada, MCC South Africa, ANVISA Brazil. The company's robust product
portfolio is spread over 6 major therapeutic/product areas encompassing
Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, and
Anti-Allergics, supported by an outstanding R&D set-up. The Company is
marketing these products globally, in over 125 countries.
Aurobindo Europe represents a significant segment within the Group's global
presence. Aurobindo is committed to grow its operations in Europe considering
the importance of the generic market. Since launching its European commercial
operations in 2006 with the acquisition of Milpharm in the UK and Pharmacin in
the Nethfeerlands in 2007, Aurobindo has further expanded its footprint in
continental Europe by commencing operations in several territories including
(but not limited to) Italy, Spain, Portugal, Romania, Malta and Germany.
Aurobindo's state of the art EU release lab and captive warehouse in Malta
serves as a logistics centre for its European operations.
Actavis Forward-Looking Statement Any statements contained in this press
release that refer to future events or other non-historical facts are
forward-looking statements that reflect Actavis' current perspective of
existing trends and information as of the date of this release. Forward
looking statements generally will be accompanied by words such as
"anticipate," "believe," "plan," "could," "should," "estimate," "expect,"
"forecast," "outlook," "guidance," "intend," "may," "might," "will,"
"possible," "potential," "predict," "project," or other similar words, phrases
or expressions. Such forward looking statements include those related to the
potential completion and impact of the Aurobindo transaction. Except as
expressly required by law, Actavis disclaims any intent or obligation to
update these forward-looking statements. Actual results may differ materially
from Actavis' current expectations depending upon a number of factors
affecting Actavis' business. These factors include, among others, the inherent
uncertainty associated with financial projections; restructuring in connection
with, and successful close of, the pending transaction with Aurobindo; the
receipt of required regulatory approvals for the transaction (including the
approval of antitrust authorities necessary to complete the acquisition); the
successful completion of required employee consultation processes; risks of
fluctuation in foreign currency exchange rates; changes in generally accepted
accounting principles; risks that the carrying values of assets may be
negatively impacted by future events and circumstances; the impact of
competitive products and pricing; market acceptance of and continued demand
for Actavis' products; difficulties or delays in manufacturing; the difficulty
of predicting the timing or outcome of regulatory agency approvals or actions,
if any; and other risks and uncertainties detailed in Actavis' periodic public
filings with the Securities and Exchange Commission, including but not limited
to Actavis' Quarterly Report on Form 10-Q for the quarter ended September 30,
2013 and from time to time in Actavis' other investor communications. Except
as expressly required by law, Actavis disclaims any intent or obligation to
update these forward-looking statements.
CONTACTS: Lisa DeFrancesco Charlie Mayr
(Logo: http://photos.prnewswire.com/prnh/20130124/NY47381LOGO )
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