Actavis bolsters operations with PharmaPack takeover
9 December 2011 00:00 in Pharmacy Supplier News
Actavis has strengthened its operating capabilities by agreeing a deal to acquire the Netherlands-based pharmaceutical packaging company PharmaPack International.
The generics specialist has acquired 100 percent of the shares of PharmaPack, which has been involved in the pharmaceutical service industry for almost 30 years and will help Actavis to achieve greater flexibility and competitiveness.
Through this acquisition, Actavis will be able to reduce its lead times for tablet production by more than 50 percent and conduct bulk packaging of drugs produced at the company's Indian site in Alathur, while slashing freight costs.
Actavis chief executive officer and chairman Claudio Albrecht said he has been familiar with PharmaPack for some time and is pleased that it has chosen to partner with Actavis, when other alternatives were also available.
"PharmaPack International will increase the group's cost competitiveness and have a very positive impact on Actavis' working capital," he added.
This comes after Actavis expanded its product range last month with the launch of the generic high blood pressure drug Valsartan in Europe.
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Story collated for Zenopa by the Axonn News Agency