Iceland-based generic drugmaker Actavis will acquire Romanian pharmaceutical company Sindan, which specializes in the manufacturing and distribution of oncology products, for $177 million in cash. Sindan will be fully integrated into Actavis on April 1.

"Sindan has a very strong track record and as one of the leading players in its field, represents a strong strategic fit for the Actavis Group," said Robert Wessman, president and CEO of Actavis. "Today's acquisition is a significant development for our business as Sindan provides Actavis with further diversity in our product portfolio and a strong foothold in the oncology industry. Sindan will now enable Actavis to compete in this market."

Per the agreement, Actavis will gain access to Sindan's marketing and distribution network in six countries, as well as low cost manufacturing and development facilities.The move will also help Actavis will establish a position in the rapidly growing oncology field, noted Wessman, adding that "Sindan will enhance our growing presence in Europe, and the combination of our two businesses will serve to strengthen our distribution, marketing and low cost manufacturing and development capabilities throughout the region."