Actavis abandons 50m-euro greenfield project

Icelandic company Actavis, one of the top ten producers of generic drugs worldwide, has abandoned the 50 million-euro investment it planned to conduct in Romania, after it acquired a facility specialised in the production of oncologic drugs (drugs used in the treatment of cancer) in Nerviano (Italy). Actavis entered the Romanian market in 2006 through the acquisition of the oncologic drugs producer Sindan Pharma. After this takeover, the Icelandic company announced an around 50 million-euro greenfield investment, which involved negotiations for the acquisition of land. According to the first estimates, work was due to start in the autumn of last year. If these plans had come to fruition, Actavis’ investment would have been the first to be conducted by a foreign player in the local drug industry. “Whereas, building a facility from scratch would have taken 3-4 years, and entailed getting the necessary permits, the acquisition has provided quicker access to a new production facility,” said Laurentiu Scheusan, Actavis Romania general manager.