Endo to Buy Qualitest for $1.2B to Bolster Generics Business and Pain Portfolio
Endo Pharmaceuticals will scoop up generics firm Qualitest Pharmaceuticals for $1.2 billion in cash.
Endo Pharmaceuticals will scoop up generics firm Qualitest Pharmaceuticals for $1.2 billion in cash. The acquired company is expected to add about $400 million to Endo’s annualized revenues, and the latter says it also expects to achieve growth in revenues of the combined generics business of at least 15% over the next two years. On a proforma basis the combined entity would have revenues of some $2 billion in fiscal 2010, and an employee base of over 3,000. Target annualized synergies of about $30 million are projected by 2013.
Endo is financing the acquisition of Qualitest using $500 million from its existing cash reserves, plus a $300 million draw down from an existing revolving credit facility, and another $400 million in already secured financing. Earlier in September the firm announced the successful completion of a tender offer by its indirect wholly owned subsidiary, West Acquisition, for all of the outstanding shares of common stock of Penwest Pharmaceuticals. Endo
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