ACTAVIS TO PURCHASE BULGARIAN DISTRIBUTOR HIGIA
Iceland-based generic drugmaker Actavis has inked an agreement to purchase Higia, one of Bulgaria's largest pharmaceutical distributors, for an undisclosed sum. It is Actavis' fourth acquisition this year, and the 20th in the past six years, according to a research note by Icelandic bank Islandsbanki.
Actavis' bid for Higia, with revenues of 83.8 million euros ($103.4 million) in 2004, must still be approved by the Bulgarian Commission for Protection of Competition. Bulgaria is Actavis' third largest market, generating about $31 million or 12 percent of sales for first quarter 2005.
Actavis' latest purchase this year is New Jersey-based Amide Pharmaceuticals for $500 million, putting Actavis in a prime position to tap the world's largest generics market with a combined portfolio of more than 500 drugs and a burgeoning development pipeline of about 140 drugs. The deal also allows Amide to sell its drugs in Europe.
Actavis also snapped up Indian drug research company Lotus Laboratories in February and Czech generic pharmaceutical company Pharma Avalanche in March.