Iceland's generic drug maker Actavis has agreed to buy Abrika Pharmaceuticals in the U.S. for up to $238.5 million. Actavis will make an initial payment of $110 million in cash and up to $125 million based on its performance over the next three years. Actavis says the deal will make it a leader in the U.S. for controlled-release drugs. The Icelandic company recently lost a bidding war with Barr for Croatia's Pliva.
- here's the report on the buyout