Sandoz strengthens US portfolio with acquisition of four generic products from Watson/Actavis
Princeton, New Jersey, October 15, 2012
Sandoz today announced that it will acquire four generic products from Watson/Actavis pursuant to the terms of definitive agreements between the parties, subject to Watson completing its planned acquisition of the Actavis group of companies.
The Federal Trade Commission (FTC) confirmed today that it had voted unanimously to approve the Actavis acquisition, with closing expected by early November. The FTC vote followed Watson's agreement to a proposed consent order, under the terms of which Watson agreed to divest certain products as a precondition for obtaining FTC approval.
Subject to the consummation of the transaction between Watson and Actavis, Sandoz will acquire the following products:
Actavis' diltiazem hydrochloride extended release capsules (Tiazac®)
Actavis' lorazepam tablets (Ativan®)
Actavis' bupropion hydrochloride extended release tablets (Zyban®)
Watson's pending application for dextromethorphan hydrobromide /quinidine sulfate tablets (Nuedexta®)
"Sandoz is committed to further expanding its offering of affordable, high-quality medicines to US patients and payors," said Don DeGolyer, President of Sandoz US. "We have a strong internal pipeline, focusing on complex, differentiated medicines, which we complement by appropriate use of external opportunities such as this."
Further details of the acquisition agreement are not being disclosed publicly.
The foregoing release contains forward-looking statements that can be identified by terminology such as "definitive agreement," "consummation expected," or similar expressions, or by express or implied discussions regarding potential revenues from currently marketed or potential future products. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of the Company (Sandoz) regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that any additional products will be approved for marketing. Nor can there be any guarantee that any currently marketed or potential new products will achieve any particular levels of revenue in the future. In particular, management's expectations could be affected by, among other things, unexpected regulatory actions or delays or government regulation generally; competition in general; government, industry and general public pricing pressures; unexpected patent litigation outcomes; unexpected manufacturing issues; the impact that the foregoing factors could have on the values attributed to the Novartis Group's assets and liabilities as recorded in the Group's consolidated balance sheet, and other risks and factors referred to in Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Sandoz is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Sandoz, a Division of the Novartis group, is the second-largest generic pharmaceuticals company globally, offering a broad range of about 1,000 high-quality, affordable products that are no longer protected by patents. With approximately 25,000 employees in 140 countries, Sandoz holds the #1 position globally in biosimilars as well as generic injectables, ophthalmics, dermatology, and antibiotics. Key product groups include antibiotics, treatments for central nervous system disorders, gastrointestinal medicines, cardiovascular treatments, and hormone therapies. Sandoz develops, produces, and markets these medicines along with pharmaceutical and biotechnological active substances and anti-infectives. In addition to strong organic growth in recent years, Sandoz has made a series of acquisitions including Lek (Slovenia), Sabex (Canada), Hexal (Germany), Eon Labs (US), EBEWE Pharma (Austria), Oriel Therapeutics (US), and Fougera Pharmaceuticals (US). In 2011, Sandoz posted sales of USD 9.5 billion.
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