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Acquisition of women's healthcare products considered.(Galen Holdings PLC and Galen Ltd. have agreements with Pfizer to acquire oral contraceptives (Estrostep, Loestrin) and femhrt hormone replacement therapy agent)
2003 APR 3 - (NewsRx.com & NewsRx.net) -- Galen Holdings PLC, the international pharmaceutical company, announced that it and its wholly-owned subsidiary, Galen Limited, have entered into two conditional agreements with Pfizer, Inc., to acquire the women's healthcare pharmaceutical brands comprising the oral contraceptives Estrostep and Loestrin and the hormone replacement therapy, femhrt.
The Pfizer Portfolio is being acquired for a total initial consideration of $359 million, payable on completion. Further contingent cash consideration up to a maximum of $125 million will become payable in the event that both femhrt and Estrostep retain market exclusivity during the lives of their respective patents. The consideration for the acquisitions will be financed through a combination of existing cash resources and new committed bank facilities available to Galen and its subsidiaries.
Highlights of the transaction:
* The Pfizer Portfolio comprises the prescription oral contraceptives under the Estrostep and Loestrin brand names and the femhrt hormone replacement therapy.
* Total turnover for the Pfizer products was approximately $228.3 million, $265.2 million and $211.1 million for the 3 years ended 31 December 2000, 2001 and 2002, respectively. In 2002, U.S. generated sales for the three products were $195.4 million comprising Estrostep sales of $42.1 million, Loestrin sales of $92.5 million and femhrt sales of $60.8 million.
* The acquisitions will be funded through a combination of existing cash resources and new committed bank facilities amounting to $450 million made available to the Group by ABN AMRO Bank N.V., The governor and Company of the Bank of Ireland and Barclays Bank PLC.
* The Pfizer Portfolio will have gross margins (approximately 90%) in excess of the average gross margin (approximately 78%) for the group's current pharmaceutical business. The Pfizer Portfolio is therefore expected to improve the overall gross margin for the group.
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A copy of the circular to shareholders in relation to the above transaction, which was posted to shareholders on 6 March, 2003, has been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
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