Actavis agrees successful refinancing
- Albrecht to chair the Board
Reykjavik, Iceland, 21 July 2010 - Actavis Group, the international generic pharmaceuticals company, today announced it has successfully agreed a debt refinancing in collaboration with its lenders.
The refinancing gives Actavis a capital structure that positions the Company strongly for the future and provides it with the flexibility to continue to grow, especially in southern Europe, Japan, the Middle East & northern Africa, and increase market penetration in current geographies. Another key priority will be the entry into the segment of biological products (biosimilars), a product group which requires a strong financial position due to the high development cost. Combined with the potential for strong operational performance and the recent appointment of Dr. Claudio Albrecht as CEO, the refinancing transaction puts Actavis in a strong position to achieve its growth targets.
The refinancing has the full backing of Actavis' management team and its key stakeholders. Dr. Claudio Albrecht will also chair the Board, which will be further strengthened by the appointment of non-executive directors, some of whom have extensive industry experience.
Dr. Claudio Albrecht, Chief Executive of Actavis said: "With the refinancing successfully agreed on, the Group is now well placed for the future and can continue to execute its growth strategy on a robust platform, providing additional stability and opportunity for Actavis' employees both in Iceland and around the world."
The refinancing is expected to complete after satisfaction of customary conditions in the coming months.
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Enquiries:
Financial Dynamics (London) Actavis Group
Charles Armitstead / Hazel Stevenson Hjördís Árnadóttir
Tel: +44 207 269 7176 Tel: (+354) 535 2300 / 840 7476 E-mail: [email protected]
About Actavis Group
Actavis is one of the world's leading generic pharmaceutical companies specializing in the development, manufacture and sale of generic pharmaceuticals. The company has operations in 40 countries, with 10,000 employees. For further information on Actavis Group, please visit www.actavis.com
Any statements contained in this press release that refer to Actavis' estimated or anticipated future results or future activities are forward-looking statements which reflect the Company's current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions, the success of new products, the strength of competition, the success of research and development issues, unexpected contract breaches or terminations, exposure to product liability and other lawsuits, the effect of currency fluctuations and other factors.