Watson buys Specifar for €400mm to expand into Greece

Strengthening its position in important European countries, Watson Pharmaceuticals Inc. (generics and branded women’s health products) has acquired private generic drug manufacturer Specifar Pharmaceuticals SA for €400mm ($562mm) in cash. Specifar stockholders may also receive up to €40mm in earn-outs related to the first five years of profits for the company’s generic proton pump inhibitor esomeprazole (AstraZeneca’s Nexium), which is awaiting approval and should be launched later this year in key European markets. The earn-outs will be based on sales in major territories in Europe, Asia, Latin America, and Canada.