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Endo to buy Grupo Farmaceutico Somar

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Staff writer ▼ | April 30, 2014
Endo International plc announced it has entered into a definitive agreement under which Endo will acquire Grupo Farmaceutico Somar, a privately-owned specialty pharmaceuticals company based in Mexico City, Mexico, for cash consideration.
Endo
EndoEndo International plc announced it has entered into a definitive agreement under which Endo will acquire Grupo Farmaceutico Somar, a privately-owned specialty pharmaceuticals company based in Mexico City, Mexico, for cash consideration.


Endo expects the transaction to be immediately accretive to adjusted earnings per share.

"The acquisition of Somar is well-aligned with our goal of pursuing accretive acquisitions that enhance Endo's strategic positioning and diversifying our pharmaceutical business beyond the U.S. by accessing attractive emerging markets" said Rajiv De Silva, president and CEO of Endo.

Jose Miguel Ramos R., chief executive officer of Somar, stated, "We are excited about the combination with Endo, joining a best-in-class global organization with access to valuable resources that will help us realize the full potential of our opportunities across branded, generic, and OTC pharmaceuticals in Mexico and Latin America more broadly."

Somar is a pharmaceutical company focused on the development, manufacturing, marketing and commercialization of high-quality products across all key market segments in Mexico.

Its portfolio targets Mexico's non-patented pharmaceutical market through 3 primary segments: Generics (private label and traditional generics, as well as products for government tender), Branded generics (dermatology and infectious disease platforms), and OTC (women's health and child care products). The Company generated approximately $100 million of revenue in 2013 and has approximately 1,200 employees.

The transaction is subject to customary conditions, including the receipt of applicable antitrust/competition approvals. It is expected to close in the third quarter of 2014.


 

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