Actavis finalizes Amide takeover
Reykjavik - Actavis Group, an international generic pharmaceuticals company operating from Iceland, announced that the acquisition of Amide Pharmaceuticals, Inc., a privately owned US generic pharmaceuticals company based in New Jersey, has been completed. Following receipt of approval from the competition authorities in the US under the Hart-Scott-Rodino Act, Actavis has now received all regulatory approvals necessary to complete the acquisition. As previously disclosed, Actavis has acquired Amide for an initial gross consideration of $500 million (Euro417 million) in cash, with up to an additional $100 million (Euro83 million) payable over two years subject to performance. The acquisition of Amide provides Actavis with a strong presence in the US generic pharmaceuticals market and a platform from which to launch future products in the US.
The enlarged Group will have one of the broadest portfolios in the generics sector with over 500 products on the market. The combination of Actavis' brand and product development strength and geographic coverage in Europe with Amide's strategically important foothold in the American market is also expected to generate significant opportunities to drive revenue growth, margin enhancement and create further value for the enlarged Group.