MORRISTOWN, N.J., Jan. 28 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has completed the acquisition of Eden Biopharm Group Limited for approximately $15 million. Eden is a biopharmaceutical development and contract manufacturing company located in Liverpool, UK. 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 the Company with proven biopharmaceutical development and manufacturing capabilities.
"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.
Founded in 2000, Eden Biodesign is an integrated biopharmaceutical development and manufacturing organization that has provided strategic consultancy, world-class process development, cGMP manufacturing and analytical development services for every significant biopharmaceutical product technology. 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.
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.
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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 difficulty of predicting the regulatory pathway, if any, to obtain FDA approval of generic or "biosimilar" biologic products; risks that competitors will seek to prevent Watson from obtaining FDA or other regulatory agency approval of biologic products through legislative, regulatory or other means; 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; 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; periodic dependence on a small number of products for a material source of net revenue or income; changes in generally accepted accounting principles; 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 annual report on Form 10-K for the period ended December 31, 2008 and 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.
SOURCE Watson Pharmaceuticals, Inc.