By Angela Chen
Actavis PLC agreed to buy generic-drug manufacturer Auden
Mckenzie Holdings Limited for GBP306 million, a move that will make
Actavis the top supplier of generics in the United Kingdom.
The deal is the latest acquisition for Dublin-based Actavis,
which earlier this year won a fight with rival Valent
Pharmaceuticals Inc. to purchase Botox-maker Allergan Inc. for $66
billion. With the combination of the Allergan and Auden deals,
Actavis will be the No. 3 pharmaceutical company in the United
Kingdom.
Actavis chief executive Brent Saunders has driven Actavis's
rapid growth with more than $100 billion in mergers and
acquisitions in little more than a year, capped by the deal for
Allergan.
The Auden agreement, which translates to about $459 million,
includes a two-year royalty on a percentage of profits from one of
Auden Mckenzie's products. The deal is expected to immediately add
to Actavis' earnings this year.
The transaction doesn't include Auden McKenzie's real estate
portfolio, and the company will be acquired on a debt-free basis.
Auden will add about 175 new generic and products, and a pipeline
of 40 products.
The deal is expected to close in the first quarter.
Shares of Actavis have risen about 58% in the past 12 months
through Friday's close.
Write to Angela Chen at angela.chen@dowjones.com
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