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Actavis wins rights for three Roche products

Switzerland-headquartered Roche has sold three of its products to generic pharma company Actavis for an undisclosed amount.

Switzerland-headquartered Roche has sold three of its products to generic pharma company Actavis for an undisclosed amount.

Iceland-based Actavis has bought the rights for two cardiovascular drugs, Bezalip (bezafibrate) and Rapilysin (reteplase), and a dermatology drug Neotigason (acitretin). Roche, however, retains the distribution rights for the products in Latin America under a license of Actavis.

According to Roche it is selling the products in order to focus on its key therapy areas in its pharmaceutical and diagnostic divisions. The three products had combined sales of SFR140m in 2006.

The transactions are expected to close in late 2007 or early 2008.

This announcement is good news for Actavis, which announced profits of EUR29m in its Q2 financial results last week, a decrease of 2.6 per cent. This is the last time the company will post results as a public company following its takeover by investment company Novator.

Revenue increased by 4.1 per cent in the second quarter to EUR378.9m, and by 7.9 per cent to EUR761.5m in the first half, reflecting a high demand for the company's generic drugs in Eastern and Western Europe.

Sales in Central and Eastern Europe and Asia were also on the up, increasing to EUR157m. Sales in Western Europe, Middle East and Africa grew 23.0 per cent on a pro forma basis to EUR86.3m.

Novator secured 99.66 per cent of Actavis' shares in July 2007, offering EUR1.075 per share after an offer of EUR0.98 per share was rejected. The investment company will also refund Actavis' loans so the deal is worth a total of EUR5.5bn, making it the largest single business agreement in Icelandic history.

Actavis has over 650 generic products on the market, and another 350 in product pipeline and registrations.

13th August 2007

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