Looking to streamline its operations and concentrate on developing its specialty pharmaceuticals business, Alpharma has sold its generic drug business to the Actavis Group for $810 million in cash. The sale will allow the company to pay off its debt by mid-2006.
"Alpharma's new, leaner operating profile and improved focus on specialty pharmaceuticals for both human and animal use will better position the company to improve growth and maximize shareholder value," said Alpharma CEO Ingrid Wiik. "The divestiture will concentrate our focus on our specialty pharmaceutical businesses, simplify our organization, and provide significantly improved financial capacity to acquire products and technologies and create alliances that will drive long-term growth. As a result, we will be exceptionally well-positioned to grow our highly profitable portfolio of specialty pharmaceutical businesses."
- read this press release for more information