Actavis buys Sindan for 150m euros

The Icelandic pharmaceutical company, Actavis, has acquired the local oncologic drugs producer Sindan in a transaction valued at some 150 million euros. Actavis acquired both the production and the drug distribution network of Sindan. Last year, Sidan”s turnover, including distribution, stood at 82 million dollars (68 million euros). The founder and majority shareholder of Sindan is doctor Dan Florin Stoicescu, according to market information. “Acquiring Sindan allows Actavis to access a new therapeutic area. In addition to that, Actavis will establish a strong position for itself on the Romanian pharmaceutical market, given that Sindan has seen a steady growth in sales, which doubled from year to year during the 2000-2005 period,” said Actavis officials. According to them, Sindan will see revenues worth 80 million euros this year and some 100 million euros in 2007. Operational profit is estimated at about 22% of turnover for the current year and at 23% next year, according to Actavis estimates. The British Bank JP Morgan provided consultancy for Actavis. ZF