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Switzerland's Acino Pharma has agreed to buy Cephalon's combined Middle East and African business in a transaction worth approximately EUR 80 million ($110 million). Acino will pay 60 million Euro ($82.5 million) in cash and an additional EUR 20 million ($27.5 million) will come through shares.
Switzerland’s Acino Pharma agreed to buy Cephalon’s combined Middle East and African business in a transaction worth approximately EUR 80 million ($110 million). Acino will pay EUR 60 million ($82.5 million) in cash, and an additional EUR 20 million ($27.5 million) will come through shares.
The acquired business includes both Cephalon and Mepha (a Swiss subsidiary of Cephalon) brands and is expected to generate sales of almost EUR 100 million ($137.4 million) in 2011. The product portfolio comprises the analgesic Olfen (diclofenac), the antispasmotic Spasfon (phloroglucinol–trimethylphloroglucinol), the gastrointestinal drug Gasec (omeprazole), and the antibiotic Mesporin (ceftriaxone).
The transaction will enable the company to make a “quantum leap” toward establishing its own presence in the emerging markets, according to a press statement from Acino. “Over the last 18 months, Acino’s management has refined its growth strategy to focus on three complementary business pillars: selling the products it develops through its partners in the developed markets, establishing its own market presence under its Acino Switzerland brand in emerging markets, and entering into development programs with innovative pharmaceutical companies based on its expertise in drug-delivery technology,” explained the Acino statement.
In related news, Cephlon has been acquired by Israel’s Teva Pharmaceutical Industries for approximately $6.8 billion. The deal was announced in May 2011, and received approval from EU authorities and US regulators last week. The approval from the European Commission, however, is conditional upon the divestment of Cephalon’s generic version of its Provigil drug.