Watson Completes Acquisition of Eden Biodesign
Eden Biodesign Inc.Posted on:29 Jan 10.More Eden Biodesign Inc. press releases
Eden Biodesign, a globally-integrated provider of biopharmaceutical services and Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced the completion of the acquisition of Eden Biopharm Group Limited by Watson for approximately $15 million. As a result of the acquisition of the Arrow Group in December 2009, Watson had previously acquired approximately 36 percent of Eden. Eden, which will be part of Watson's Global Brands Division, will maintain its established contract services model, while providing Watson with proven biopharmaceutical development and manufacturing capabilities.
Founded in 2000, Eden Biodesign is a globally-integrated biopharmaceutical development and manufacturing organization that provides strategic consultancy, world-class process development, cGMP manufacturing and analytical development services for every significant biopharmaceutical product technology.
Dr. Crawford Brown, Chief Executive Officer, Eden Biodesign, commented, "We are delighted to become part of Watson Pharmaceuticals and excited by the prospect of accelerating their biologic development strategies." He added, "Our passion and commitment to serving our customers remains undiminished and I firmly believe that the resources and market expertise now available to us will prove to be of tremendous benefit to Eden Biodesign's current and future client base."
Eden's state-of-the-art facility, located in Liverpool, UK, is custom designed for multi-product operation and supports the development of biopharmaceuticals from proof-of-concept through to cGMP manufacture for clinical trials, market launch and commercial supply.
"Completing the acquisition of Eden is the next strategic step in our commitment to establishing a major position in biologic products on a global basis," said Paul Bisaro, Watson's president and Chief Executive Officer. "In addition to development and manufacturing facilities, the Eden acquisition adds substantial intellectual capital to Watson's biologics activities, as Dr. Crawford Brown and the Eden management team will remain with Watson. Dr. Brown, co-founder of Eden, brings more than 20 years of international experience in biopharmaceutical development, including the successful pan-European submission for a complex recombinant vaccine which included an EMEA sponsored pre-approval inspection," Bisaro added.
About Eden Biodesign
Eden Biodesign is a globally-integrated biopharmaceutical company offering consultancy, biopharmaceutical design, process development and cGMP manufacturing services to leading biotech and pharmaceutical clients around the world. With a reputation for commercializing biopharmaceutical products and processes, the company offers expertise and guidance in multiple sectors. Eden Biodesign's world class facilities and knowledge in process development, manufacturing, regulatory and technology transfer support ensure that Eden Biodesign offers much more than a traditional CMO. Find out more at www.edenbiodesign.com.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is a leading global specialty pharmaceutical company. The Company is engaged in the development and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets. For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
Statements contained in this press release that refer to Watson's estimated or anticipated financial results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the inherent uncertainty associated with financial estimates; the possibility that the financial estimates will change after further review by Watson's management or outside independent accountants; successful integration of the Arrow acquisition and the ability to recognize the anticipated synergies and benefits of the Arrow acquisition; the impact of competitive products and pricing; the difficulty of predicting the timing or outcome of litigation and other claims; variability of revenue mix between the Company's Brand, Generic and Distribution business units; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; market acceptance of and continued demand for Watson's products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's quarterly report on Form 10-Q for the period ended September 30, 2009. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.
Read more: http://www.pharmiweb.com/PressReleases/pressrel.asp?ROW_ID=14901#ixzz0e0snt0x3