BASF Pharma sells European generics business to Novartis Generics

08-Dec-2000

In continuation of its ongoing focussing process, BASF Pharma is selling its European generics business to Novartis Generics, an organisation with its head offices in Kundl, Austria. The divestment involves organisations in six European countries and is effective as from January 1, 2001, provided that all authorisations regarding the law relating to cartels are obtained. The purchase price is Euro 115 million.

The divestment is part of BASF Pharma's strategic refocus on research-based, prescription medications announced at the beginning of the year. "Divestment of our generics business is another major step for BASF Pharma on our way to becoming a profitable pharmaceutical specialist focusing on innovation", said Dr. Thorlef Spickschen, Head of BASF Pharma. "We are transferring a carefully constructed business to a successful large company. The move generates additional impulses for further growth and is the best way to insure fitness for the future in a highly dynamic marketplace", Spickschen went on to say.

"The acquisition gives us rapid market access and improved market presence in emerging generic drug markets," commented Oswald Sellemond, Head of the Novartis Generics Sector. "The move takes us a big step closer to our goal of gaining a foothold in all major generic drug markets."

BASF Pharma's six generic drug affiliates are located in Germany, France, Italy, the Netherlands, Switzerland and Spain. The total workforce of 224 generated total preliminary annual sales of around DM 120 million (approximately Euro 70 million). "The opening of pharmaceutical markets for off-patent drugs and expansion of product lines are the basis for attractive growth. We expect further impulses through products from our own Novartis Generics pipeline, such as Curam® and other antibiotics from the global biochemicals line", added Sellemond.

https://www.chemeurope.com/en/news/468/basf-pharma-sells-european-generics-business-to-novartis-generics.html