Actavis to acquire US generics company Amide

24-May-2005

Actavis Group, the international generic pharmaceuticals company, and Amide Pharmaceutical, Inc., a privately owned US generic pharmaceuticals company, announced that Actavis has reached an agreement to acquire Amide for an initial gross consideration of US$500 million in cash with up to an additional US$100 million payable over two years subject to performance. Upon closing the acquired company is expected to have a cash balance of approximately US$40 million. The deal brings together two premier generics companies with complementary strengths in Europe and the US and represents a significant milestone in Actavis' plans to become one of the leading global companies within the sector.

On completion, the operations of Actavis Inc. in the US will be combined with the activities of Amide in New Jersey. Agreement has been reached with key members of Amide's senior management to remain with the Group, with Amide President Mr Divya C Patel becoming a member of the Actavis Executive Board. A new divisional structure within Actavis will be put in place on completion of the acquisition. Actavis' business in North America (including Amide) will form the North America Division. The divisions known as "Own-Brand" and "Third-Party Sales" will become the International Division and Third-Party Global Sales respectively.

The initial gross consideration is US$500 million in cash with up to an additional US$100 million payable over two years subject to performance. Upon closing the acquired company is expected to have a cash balance of approximately $40 million.

The acquisition is subject to the regulatory approval of the US competition authorities. Completion of the acquisition is expected to take place early during the third quarter of 2005.

https://www.bionity.com/en/news/46199/actavis-to-acquire-us-generics-company-amide.html