FORT LEE, N.J., Dec. 19 /PRNewswire-FirstCall/ -- Alpharma Inc. announced today that it completed its previously announced sales of its U.S. and International Generics businesses to Actavis Group on a debt-free and cash-free basis for $810 million in cash. The company is retaining ownership of its Branded Pharmaceuticals, Active Pharmaceutical Ingredients, and Animal Health businesses, as well as ParMed Pharmaceuticals Inc., its U.S. pharmaceutical distribution business. The divestiture will improve Alpharma’s ability to invest in growth and diversification opportunities within its remaining specialty pharmaceutical businesses. It will also enable the company to repay its outstanding debt by mid-2006. The net after-tax cash proceeds derived from the transaction are expected to be $150 - $200 million following repayment of debt.
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
Statements made in this release include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including those relating to future financial expectations, involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Information on other significant potential risks and uncertainties not discussed herein may be found in the Company’s filings with the Securities and Exchange Commission including its Form 10-K/A for the year ended December 31, 2004.
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Alpharma Inc.
CONTACT: Kathleen Makrakis, VP, Investor Relations of Alpharma Inc.,+1-201-228-5085, kathleen.makrakis@alpharma.com
Web site: http://www.alpharma.com/
