Actavis Group, a generic drug maker based in Reykjavik, Iceland, has reached an agreement to acquire the privately held U.S.-based generic drug maker Amide Pharmaceutical Inc. in a deal worth $600 million

Drug Store News, June 6, 2005 by James Frederick

Actavis Group, a generic drug maker based in Reykjavik, Iceland, has reached an agreement to acquire the privately held U.S.-based generic drug maker Amide Pharmaceutical Inc. in a deal worth $600 million. The acquisition delivers a significant coup for Actavis, giving the company one of the broadest portfolios in the generics sector with more than 500 products on the market, 136 products in development, and plans to file at least 15 abbreviated new drug applications before year's end.

Under terms of-the deal, Actavis, also will acquire increased production capacity through Amide's current manufacturing facilities as well as a new plant expected to be completed in 2006, which will increase manufacturing capacity to 8 billion tablets per year. Other terms of the deal include an agreement to retain key members of Amide's senior management team. In 2004, Amide generated revenues of $106.7 million, with EBITDA of $53.2 million.