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news.US-based generics company Barr Pharmaceuticals has fought off competition from Iceland's Actavis Group with its bid to acquire Croatian generic drug maker Pliva for around $2.2 billion.
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Under the terms of the proposal, Pliva's shareholders would receive approximately HRK705 ($122) for each share they hold in the company. The offer represents a premium of 24% over Activis' HRK570 ($99) per share offer announced in March.
The combined company would be a leading generic drug maker globally with annual revenues of approximately $2.5 billion, a leading presence in the North American and central eastern European markets and a strong growing presence in western Europe.
“Pliva's supervisory and management boards have assessed the whole range of options available to the company, including that of remaining a standalone business, and have concluded that Barr's proposal maximizes value for all Pliva shareholders,” said Zeljko Covic, CEO of Pliva.
“Barr is an ideal partner for future growth in this consolidating industry and an excellent strategic fit with Pliva, which we believe will strongly contribute to the global competitiveness of the new Barr Group,” continued Mr Covic.