FORT LEE, N.J., March 8 /PRNewswire-FirstCall/ -- Alpharma Inc. announced today that it has reached a definitive agreement to sell ParMed Pharmaceuticals, Inc. ("ParMed"), its generic pharmaceutical telemarketing distribution business to Cardinal Health, Inc , for $40.1 million in cash.
"The recent sale of Alpharma's generics business created a stronger, more focused platform for maximizing shareholder value," commented Alpharma Vice Chairman, President, and Chief Executive Officer, Ingrid Wiik. The sale of the ParMed business further streamlines and focuses the company around its three continuing businesses with solid market positions and strong growth potential. With our expanded financial capabilities, we have the resources to invest in products and technologies to drive further growth and build long- term shareholder value."
The sale has been approved by Alpharma's board of directors and is expected to close in the first quarter of 2006. ParMed's revenues for the nine months ended September 30, 2005 were approximately $53 million.
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Alpharma Inc. is a global specialty pharmaceutical company with leadership positions in products for humans and animals. Alpharma is presently active in more than 60 countries. Alpharma has a growing branded franchise in the chronic pain market with its morphine-based extended release KADIAN(R) product. In addition, Alpharma is among the world's leading producers of several specialty pharmaceutical-grade bulk antibiotics and is internationally recognized as a leading provider of pharmaceutical products for poultry and livestock.
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