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Pharma & Bio Ingredients
"The combination of the product development, manufacturing and marketing strengths of Barr and Pliva will create a powerful, global pharmaceutical leader with annual revenues of approximately $2.5 billion," said Bruce L. Downey, Barr's chairman and chief executive officer. "The combined company will continue to focus on high barrier-to-entry products utilizing Barr's solid oral dosage form capabilities and Pliva's injectable and cream/ointment delivery technologies. In addition, the combined company's active pharmaceutical ingredient (API) capabilities will support development of products with difficult to source raw materials. It also will provide a solid foundation for accelerating the development of biopharmaceutical products, building upon PLIVA's biologic research program and the existing development venture between the two companies for G-CSF in North America."
"This combination will redefine Barr's potential for success by significantly lowering the cost structure that Barr faces as a stand-alone, U.S.-based company. Unlike one-time cost synergies, these capabilities and more favorable cost structure will produce synergies that will increase in successive years. The combined company would immediately have access to North American and European markets for current products and the ability to more cost-effectively launch future products. In addition, the combination will benefit from the expertise of U.S.-based and European-based management teams, and the highly skilled employee population of each organization, with regulatory and product development capabilities in the U.S., Europe and India. Overall, this potential business combination will offer us increased market potential in the U.S. and Europe, and expands product opportunities, by dramatically expanding human resources and physical infrastructure in a lower cost environment."
"We are confident that our offer, as well as our commitment to maximize PLIVA's capabilities and its facilities, represents the best business option for PLIVA's employees, the people of Croatia, and investors and shareholders in the company," Downey concluded.
In March 2005, Barr announced that it had entered into a development, supply and marketing agreement with PLIVA for generic biopharmaceutical Granulocyte Colony Stimulating Factor (G-CSF). The companies are seeking to develop and seek approval to market the product in the United States and Canada as a generic version of Amgen's Neupogen (filgrastim) product.
