Galen Holdings moves to buy women's healthcare products portfolio from Pfizer
Galen Holdings, based in Craigavon, Northern Ireland, has entered into two conditional agreements with Pfizer to acquire the latter's women's healthcare pharmaceutical brands.
Galen Holdings, based in Craigavon, Northern Ireland, has entered into two conditional agreements with Pfizer to acquire the latter's women's healthcare pharmaceutical brands.
These comprise the oral contraceptives Estrostep and Loestrin and the hormone replacement therapy, femhrt.
The Pfizer portfolio is being acquired for a total initial consideration of US$359m (€328m), payable on completion. Further contingent cash consideration up to a maximum of $125m (€114m) will become payable in the event that both femhrt and Estrostep retain market exclusivity during the lives of their respective patents. Total turnover for the Pfizer products was approximately $211.1m (€192.7m) last year, of which the US market accounted for $195.4m (€178.4m).
'The acquisition of this portfolio is a significant move for the Company,' said Roger Boissonneault, Galen's ceo. 'It enhances our growth strategy and fits with our focus on women's healthcare, a key therapeutic area in which we can drive market share and grow the company. These products are complementary to our existing products, Ovcon, Estrace and Femring, for which Galen recently received an approvable letter from the US FDA.'