PLIVA to Divest VoSpire from US Proprietary Portfolio
PLIVA d.d. announced that it has entered into an agreement with Dava Pharmaceuticals Inc., a privately held specialty pharmaceutical company, for the sale of VoSpire ER of Odyssey Pharmaceuticals Inc., PLIVA's US specialty branded pharmaceuticals subsidiary, for a total potential cash consideration of up to USD 67.5m.
Under the terms of the agreement, PLIVA will receive an upfront payment of USD 32m and up to USD 35.5m upon the achievement of certain milestones. The closing of the transaction is expected to occur by the end of October 2005 and should result in an exceptional book gain of about USD 25m during the fourth quarter.
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