Endo Makes First M&A Move Under New Regime, Building In Generics
This article was originally published in The Pink Sheet Daily
The specialty pharma will acquire generic drug maker Boca Pharmacal for $225 million, following through on new CEO De Silva’s plans to reshape the company through M&A.
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CEO Raj Rai calls the transaction a “transformative event” for Akorn that will be instantly accretive and produce between $15 million and $20 million of run-rate synergies within 12 months. Acquisition of Hi-Tech adds prescription and OTC products, 18 filed ANDAs and increased manufacturing capability.
Former Valeant President De Silva joins Endo in the midst of a challenging year for the company, as two top-selling drugs face generic competition. De Silva will need to reenergize Endo and do so quickly if he is to maintain the early favor he appears to have won from investors.
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