STADA acquires US generics business
11/07/2001 . Ad hoc Release
STADA Arzneimittel AG, based in Bad Vilbel, Germany, is to acquire full ownership of the business operations of the generic supplier MOVA Laboratories Inc., in Cranbury, New Jersey, USA, as of January 1, 2002. STADA reached this agreement with the parent company of MOVA Laboratories, MOVA Pharmaceutical Co., Puerto Rico.
The acquisition will give STADA ownership over MOVA’s pharmaceutical product approvals as well as its sales in the USA, which in the current year 2001 are likely to amount to USD 26 million. The product range comprises 15 generic drugs and one branded product. In addition, STADA will also be acquiring from MOVA 5 development projects for US generic approval, 12 further US generic approvals which are currently not marketed, as well as all the documents and agreements with customers and suppliers which are necessary for the continued operation of the business. With this acquisition STADA is acquiring a lean marketing and distribution unit for generic drugs and inexpensive branded products in the USA. More acquisitions of approvals and products are planned.
The company STADA Arzneimittel AG, which is listed on the German mid-cap index MDAX, is one of Europe’s leading suppliers of generic drugs. Sales in 2001 are forecast to exceed DM 1 billion. With the acquisition of the business operations of MOVA Laboratories, STADA is now represented in the world’s largest national generics market, the US market.
For more information, please contact:
STADA Arzneimittel AG
D-61118 Bad Vilbel
Tel.: +49 6101 603-113
Fax: +49 6101 603-506