Kéri Pharma was founded in 1991 and specialises in the development, sales and marketing of generic pharmaceuticals in the central eastern European region. The majority of the Company's sales are in Hungary, but it also exports to Poland, Slovenia, Slovak Republic, Czech Republic and the Baltic states. The company employs around 80 people and has over 20 products on the market, with a further 23 in the pipeline. The portfolio consists mainly of Central nervous system (CNS), Cardiovascular and Rheumatology products. Kéri has a strong business development unit while production is outsourced to third parties. Kéri will launch the first two Actavis products this year, as a customer of Medis, Actavis' Third-party sales division. The Company's products are fully compliant with EU requirements, and now there is a possibility to launch some of these products into other Actavis markets.

 

The acquisition is not expected to have any material effect on Actavis' financial results in 2005.

 

Commenting on the acquisition, Robert Wessman, President and CEO said: "In recent months, Actavis has been strengthening its presence in central & eastern Europe through strategic acquisitions. This is our first step into the Hungarian market, where Actavis already holds 12 Marketing Authorisations, which can now be launched into the market. This acquisition will reinforce our position and our strategy to register and launch Actavis products into new markets."