27 April 2011 Business
Industry news, May 2011
US speciality healthcare company Endo Health Solutions has agreed to buy Boca Pharmacal for $225 million (£145 million) in a bid to expand its generics business.
Endo produces branded drugs, generics and medical devices. Two of the company’s bestselling painkiller products, Opana ER (oxymorphone extended release) and Lidoderm (lidocaine) patches, are due to lose patent protection within the next few months. In an attempt to cut costs, Endo has already reduced its workforce by 15% this year, and is considering selling its HealthTronics urinary business. Boca makes speciality generics in niche areas, including controlled substances and semi-solid drug forms. In a statement, Endo said Boca’s products were an ‘ideal fit’ for its own generics division, Qualitest. The deal is expected to close this year.
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