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MYLAN ACQUIRING BERTEK’s LABELING, TRANSDERMAL MANUFACTURING CAPACITY

Executive Summary

MYLAN ACQUIRING BERTEK's LABELING, TRANSDERMAL MANUFACTURING CAPACITY in exchange for $39 mil. in Mylan common stock, the company announced Jan. 6. The definitive agreement calls for Mylan to acquire the assets of privately held Bertek in exchange for newly issued shares. The deal is expected to close by the end of February, Mylan said. The shares are to be issued within the next five months. St. Albans, Vt.-based Bertek was founded in 1972. The firm initially focused on label manufacturing and has since expanded into plastics, laminating, and transdermal patches. Bertek operates three facilities: in St. Albans and Swanton, Vt., and in Fort Lee, N.J. Bertek's revenues are projected to reach $21.5 mil. in 1993, Mylan said. Bertek uses contract sales reps to market its labeling and related services; the firm has one in-house sales manager for the patch division. Bertek has transdermal patch supply agreements in place, Mylan noted. The generic drug firm first approached Bertek as a potential patch supplier and subsequently offered to purchase the company. "The medical products division of Bertek will provide Mylan with patents, a joint venture, wound care and other related products that will help fill the pipeline for the generic as well as the branded divisions of Mylan," the company said. Specific products and agreements were not disclosed. "This transaction is another significant step in Mylan's long- term plan to become a fully integrated pharmaceutical company," Mylan said. Mylan, known primarily as a generic drug company, has diversified substantially in recent years. In June 1991, the firm acquired Dow B. Hickam and its 70-person detail force specializing in branded wound healing products and other drugs for the long- term care market ("The Pink Sheet" July 1, 1991, p. 11). Mylan also markets the Parkinson's agent Eldepryl (selegiline) through the Somerset joint venture with Bolar and supplies the antihypertensive/diuretic Maxzide to Lederle.
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