Croatia's Pliva backs bid from Barr

US Barr Pharmaceuticals has won the battle for Croatia's Pliva with a 2.2 billion dollar cash offer.

Izvor: Reuters

Tuesday, 27.06.2006.

16:09

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Croatia's Pliva backs bid from Barr

The deal, which Pliva CEO Zeljko Covic said would create the world's third largest generic drugmaker, is a 38 per cent premium to Pliva's closing share price on March 16, the day before it said it had received a bid approach from Actavis.

"I believe shareholders will be happy with the price. Barr's offer was the best. The two companies are largely complementary and Pliva will keep its name and become Barr's seat for European operations," Cović told a news conference in Zagreb.

He said five companies had been allowed to make due diligence in Pliva, but declined to give more details.

The acquisition would give Barr a foothold in Europe, where it currently records no revenue, and provides it with a presence in the emerging field of generic forms of biotechnology medicines, where Europe is well ahead of the United States.

"I think what Barr offered is a fair value. It's even slightly higher from what we expected and I don't think there will be any higher bids," said Bernd Maurer, a sector analyst at Raiffeisenbank.

Barr and Actavis view Pliva as a prime asset in a rapidly consolidating generics drugs industry, in which major players are seeking economies of scale and increased global reach.

In March, Actavis launched a 1.6 billion dollar bid for Pliva. It later raised the proposed offer to 630 kuna per share, equivalent to about 2 billion dollars, but Pliva said the new price still failed fully to reflect its value.

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