Healthcare Industry News: Wyeth
News Release - April 27, 2007
Meda Acquires Product Portfolio from the US Pharma Company Wyeth
Meda is Acquiring 10 Well-Established Pharmaceutical Products from WyethThe Products Give Meda Sales of About SEK 160-170 Million for the Remainder of 2007 (8 Months)
Medas Position is Strengthened on Key European Markets Such as Italy and France
The Purchase Price is About SEK 525 Million
STOCKHOLM, Sweden--(HSMN NewsFeed)--Meda (STO:MEDAA) and the US pharma company Wyeth have reached an agreement regarding acquisition of 10 well-established pharmaceuticals in Europe. The agreement with Wyeth is one example of how we use our strong platform throughout Europe for profitable, marginal deals," says Anders Lonner, Meda's CEO.
The acquired products are highly recognised brands with good profitability. The effective date is 1 May 2007. No employees will transfer from Wyeth to Meda in conjunction with the acquisition, which is expected to inject sales of about SEK 160-170 million into Meda's operation for the remainder of 2007. The purchase price is about SEK 525 million, which will be totally financed via existing credit facilities.
Through the acquisition, Meda strengthens its position on two of its most important markets: Italy and France. These countries account for about 60% of the acquired products' sales.
The largest acquired product is Seresta®, a central nervous system (CNS) drug with the active substance oxazepam. Oxazepam belongs to the benzodiazepine group of drugs and is an anti-anxiety agent used for sleep disorders and various substance-withdrawal syndromes. Meda already has three major CNS products: Imovane® (sleep disorders), Thiocticacid® (diabetic neuropathy), and Parlodel® (Parkinson's disease). The majority of sales come from these acquired products: See URL below.
MEDA AB (publ) is a leading European specialty pharma company that concentrates on marketing and marketadapted product development. Acquisitions and long-term partnerships are fundamental factors that drive the company's strategy. Meda has own affiliates in 24 countries and more than 1,000 employees within marketing and sales. The Meda share is listed under Large Cap on the OMX Nordic Stock Exchange. Find out more, visit www.meda.se.
Source: Meda AB
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