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Barr Enters Bidding Race to Buy Pliva


Posted on 2006-05-30 14:49:00



U.S. drug maker Barr Pharmaceuticals has entered the bidding for Croatian pharmaceutical group Pliva, the Financial Times newspaper said on Monday. In an unsourced report, the paper said the bid was believed to be worth $2.1 billion.

Pliva is already the subject of a $1.85 billion approach from Icelandic generic drugmaker Actavis (ACT.IC), which has partnered with Croatian private equity fund Quaestus to make the offer.

The FT it was thought that Pliva favored the approach from Barr, however, because it would leave the existing management team largely in place.

Neither Barr Pharmaceuticals nor Pliva could be immediately reached for comment.

Pliva is eastern Europe's biggest drug maker and has a presence in more than 30 countries. It sees generic business as its main earnings driver in the future after its proprietary drugs venture failed and it cut down on research on its own drugs.


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