Actavis Plc. (ACT), a specialty pharmaceutical company, Tuesday said it has acquired Silom Medical Company, a privately held generic pharmaceutical company focused on developing and marketing therapies in Thailand, for around $100 million in cash. The transaction is expected to be immediately accretive to non-GAAP earnings in 2014.
Silom Medical is one of Thailand's leading generic pharmaceutical companies, offering over 25 products in various dosage forms to more than 4,400 hospitals, clinics and drugstores throughout the country.
The acquisition immediately elevates Actavis into a top-five position in the Thai generic pharmaceutical market, with leading positions in the ophthalmic and respiratory therapeutic categories and a strong cardiovascular franchise.
Silom Medical has delivered consistent, year-on-year growth in revenue and profit over the past 15 years, most recently exceeding double-digit growth.
"The acquisition of Silom Medical demonstrates our commitment to be a leading specialty pharmaceutical company in Southeast Asia, and will provide the combined business with an even more significant and united presence in the fast-growing Thai pharmaceutical market," said Paul Bisaro, Chairman and CEO of Actavis.
Actavis currently markets around a dozen products through local distributors in Thailand, and has approximately nine additional products under registration.
The combination is expected to result in opportunities to expand the core therapeutic areas of cardiovascular, ophthalmology and respiratory with complementary and novel products. It also has the potential to use Silom Medical's sales channels to create opportunities in new therapeutic categories including Oncology, Women's Health, CNS and others.
Silom Medical has an experienced, in-house sales force and operates a 32,000 sq. meter manufacturing facility in Ayutthaya with a production capacity of 660 million tablets/capsules and 47 million sterile units per year.
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