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news.Icelandic generic pharmaceuticals group Actavis has completed its acquisition of US-based generics firm Abrika Pharmaceuticals, which specializes in controlled release and other technically difficult pharmaceutical products.
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Actavis now becomes one of the leading companies in the US market in the development of controlled release products (CR), with over 50 CR products in the pipeline and 100 employees dedicated in the development of CR products. Actavis will also seek opportunities to register Abrika’s products in Actavis European markets.
The formal completion follows approval from the FTC to let the deal proceed on the basis that Actavis and Abrika divest all rights and assets needed to market generic Isradipine capsules. The divestment has no financial impact on Actavis financials in the US.
Deputy CEO Sigurdur Oli Olafsson, said: “Our acquisition of Abrika represents another significant step forwards for our business in the US, a key market where we already generate a third of our total revenues. Abrika enables Actavis to become a leading player in the controlled release market and additional investment will enable us build on our strong position to achieve further growth.”