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news.Watson Pharmaceuticals has taken over Specifar Pharmaceuticals, a Greece-based developer, manufacturer and marketer of generic pharmaceuticals, for around EUR400m in cash and certain contingent consideration, to strengthen its generic drugs product portfolio and enhance commercial presence in Europe.
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Specifar is a third-party product developer, with approximately 400 marketing authorizations licensed to third parties for sale in 36 countries, mainly in Europe.
It has eight products currently filed in the EU and additional products in development.
Specifar is set to launch a generic tablet version of Nexium (esomeprazole) in certain European markets as early as the fourth quarter of 2011.
Under the terms of the acquisition agreement, Specifar’s former owners could receive additional consideration based on future profits from Esomeprazole tablets.
Specifar’s new manufacturing facility, which is currently under construction just outside of Athens, is expected to enhance Watson‘s global supply chain.
Watson president and CEO Paul Bisaro said the development business will continue to develop and market products to third parties under the Specifar name and now will also develop products for Watson’s commercial groups worldwide.
"In addition, we intend to expand Specifar’s development capabilities and create a center of excellence for product development in international markets," Bisaro said.