Icelandic generic company Actavis will buy Romanian generic drugmaker Sindan for $177 million cash, the latest in a string of acquisitions for Actavis.
Headquartered in Bucharest, Sindan specializes in the manufacturing and distribution of oncology products. Oncology is expected to be the fastest-growing pharmaceutical segment over the next three years, Actavis said. Sindan's pharmaceutical portfolio of 30 oral and injectable oncology products is "very competitive in its international markets," Actavis said recently.
Actavis, whose drug portfolio includes 600 products, said there is no product overlap between it and Sindan.
In addition to Romania, Sindan's marketing and distribution network includes Bulgaria, Hungary, Poland, the Czech Republic, Slovakia and Russia. The company plans to enter seven more markets during 2006, Actavis said.
Actavis has seen its revenues nearly double between 2002 and 2005, demonstrating a compound annual growth rate of 26 percent. The company had 2005 revenues of $82 million, and is expected to achieve revenues of $96 million in 2006 and $120 million in 2007, according to Actavis.