Endo International Agrees to Purchase Generic Drugmaker for $575 Million

Irish drugmaker Endo International said Tuesday that it will buy privately held generic manufacturer Dava Pharmaceuticals for $575 million in cash, bolstering its generic portfolio and near-term abbreviated NDA pipeline.

An additional cash consideration of up to $25 million may also be awarded to the Fort Lee, N.J.-based Dava, depending on certain sales milestones, Endo said.

Dava's generics portfolio includes 13 drugs throughout a variety of therapeutic areas. The company recently launched generic Doxycycline and Cefdinir, and expects to launch five drugs in 2015 and upwards of 20 more over the next several years, Endo said.

Dava generated $131 million in 2013, and Endo said the acquisition will immediately add to its 2014 fiscal year earnings. The transaction is subject to standard regulatory approvals and closing conditions, and is expected to be completed in the second half of 2014. — Kellen Owings

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