Actavis Acquires Zhejiang Chiral Medicine Chemicals Company
Posted on: Thursday, 10 April 2008, 12:01 CDT
Generic pharmaceuticals company Actavis Group has acquired a 90% share in Zhejiang Chiral Medicine Chemicals Company for an undisclosed amount.
Chiral is specialized in research, development and production of active pharmaceutical ingredients (APIs). The acquisition is part of company's strategy to get direct access to low cost API manufacturing. After this acquisition Actavis employs close to 500 people in China.
Actavis has already established an API R&D centre in India with a pipeline of 70 products. This new acquisition together with company's API manufacturing site in India will increase the Group's cost competitiveness as well as being of strategic importance for Actavis Group in selling APIs to other pharmaceutical companies. There are substantial synergies between Chiral's and Actavis's portfolios which will result in significant cost reduction of major product lines.
Robert Wessman, CEO and president of Actavis said: "This new facility will enable Actavis to further reduce its manufacturing costs and is an important extension of our activities in China. In addition, this further strengthens our backward integration, increasing our API manufacturing capacity."
Source: Datamonitor
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