DUBLIN — Endo International on Tuesday announced that it will acquire Somar, a privately-owned specialty pharmaceuticals company based in Mexico City, Mexico.
"The acquisition of Somar is well-aligned with our goal of pursuing accretive acquisitions that enhance Endo's strategic positioning and diversifying our pharmaceutical business beyond the [United States] by accessing attractive emerging markets" said Rajiv De Silva, president and CEO of Endo. "The transaction provides Endo with a strong growth platform in Mexico that we believe can be further leveraged more broadly in Latin America, a proven sales team, and scalable manufacturing facilities. This acquisition allows us to fully benefit from the starting point that Paladin Labs established in Mexico. We look forward to leveraging Endo's global resources to take full advantage of Somar's robust pipeline, which currently includes [more than] 60 products expected to launch over the next 3 years."
Somar's portfolio targets Mexico's non-patented pharmaceutical market through three segments: generics, branded generics and OTC. The company generated approximately $100 million of revenue in 2013, and has 1,200 employees. The transaction is subject to customary conditions, which include the receipt of antitrust/competition approvals. The deal is expected to close in third quarter 2014.