3M acquisition 'will strengthen Meda's European foothold'
10 November 2006 00:00 in Pharmaceutical Company Restructures
Meda's acquisition of 3M's drugs business will strengthen its foothold in Europe as the "leading" speciality pharmaceutical company.
Having paid $857 million (447 million pounds) for the drug manufacturer, Meda claims that it will take on 3M's 330-strong staff in Europe, gaining "several advantages" in the process.
The Swedish-based company states that its market position in Europe will be "substantially strengthened" by the acquisition of 3M as it will allow Meda to more effectively penetrate key markets, such as cardiovascular, dermatology and oncology segments.
Anders Lonner, chief executive officer of Meda, remarked: "The acquisition is strategically important."
"We further strengthen our position in Europe as the leading specialty pharma company in terms of both products and marketing organisation," he added.
Recently, Meda signed an agreement with BioDelivery Sciences International, a US pharmaceutical company, to allow the company to market and promote BEMA Fentanyl in all EU countries.
The drug is used to treat breakthrough pain in cancer patients. Mr Lonner explained that the market for fentanyl-based drugs in Europe has been expanding rapidly.
3M Healthcare won a gold medal earlier this year from the Royal Society for the Prevention of Accidents after it had shown a sustained commitment to health and safety at its Clitheroe facility.
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Story collated for Zenopa by the Adfero News Agency