Watson Pharmaceuticals announced on 25 May 2011 that it had bought the Greece-based generic manufacturer Specifar Pharmaceuticals for Euros 400 million with the intention of increasing its generics presence in Europe.
Watson buys Greek generic maker Specifar
Home/Pharma News | Posted 10/06/2011 0 Post your comment
The move expands US-based Watson’s presence in Europe, after its 2009 acquisition of the Arrow group, as well as giving the company a presence in the Euros 6 billion Greek generics market.
The Specifar is in the top five in the Greek branded-generic market, with a portfolio of more than 30 products, including a non-branded version of AstraZeneca’s blockbuster anti-reflux drug Nexium (esomeprazole), which could be launched in Europe in the fourth quarter of 2011.
Specifar currently manufactures generic drugs in an EU-approved facility in Athens with capacity for approximately one billion doses annually. A new plant is currently being built just outside Athens, which will manufacture an additional three to five billion doses. This capacity will ultimately permit Watson to convert additional third-party manufactured products to own-manufactured.
Greece’s use of generics is currently one of the lowest in Europe, providing Watson with a significant opportunity to capitalise on growth in this market.
Source: Watson Pharmaceuticals
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