Actavis Announces Agreement with Zhejiang Chiral Medicine Chemicals Co., Ltd to Divest Actavis Foshan, China
DUBLIN, Jan. 24, 2014 /PRNewswire/ -- Actavis plc (NYSE: ACT) today announced that it has signed and completed an agreement for Zhejiang Chiral Medicine Chemicals Co., Ltd to acquire Actavis' interest in Actavis (Foshan) Pharmaceuticals Co., Ltd., an Actavis subsidiary based in Foshan, China. Actavis intends to continue further commercial operations in China in collaboration with its preferred business partners.
"Actavis is focused on strengthening our investment in high-growth markets where our size and scale allow us to maintain a competitive presence with the leading companies in the market," said Sigurdur Oli Olafsson, President, Actavis Pharma. "Our operations in Foshan were limited in scope and we believe that their value will be better capitalized on by Chiral, which will add manufacturing and marketing capabilities allowing them to expand their portfolio and strengthen their position in the Chinese market. I thank all employees at Foshan for their contribution to our business to date, and wish them success under the new ownership."
Actavis plc (NYSE: ACT) is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis has global headquarters in Dublin, Ireland and U.S. administrative headquarters in Parsippany, New Jersey, USA.
Actavis markets generic, branded generic, legacy brands and Over-the-Counter (OTC) products in more than 60 countries, and operates a global branded specialty pharmaceutical business focused in the Women's Health, Urology, Gastroenterology and Dermatology therapeutic categories. Actavis also has a portfolio of five biosimilar products in development in Women's Health and Oncology. Actavis Global Operations has more than 30 manufacturing and distribution facilities around the world, and includes Anda, Inc., a U.S. pharmaceutical product distributor.
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SOURCE Actavis plc