Actavis Considers Offer For Almirall : Report

(RTTNews) - Generic drug maker Actavis plc (ACT) is considering Spanish drugmaker Almirall SA (LBTSF.PK) as one of several possible takeover targets, Bloomberg reported citing people familiar with the matter said.

The report said that Actavis has identified Almirall, which could be valued at about 3 billion euros or $3.7 billion in a deal, as one of its preferred targets to boost growth in Europe.

One hurdle to a possible transaction with Almirall may be convincing the Gallardo family to sell their controlling stake in the company, the people said. Almirall Chairman Jorge Gallardo and First Vice Chairman Antonio Gallardo own about 67 percent of the stock via two holding companies, the report said.

According to the report, Almirall may still decide to grow in dermatology via acquisitions before or instead of exploring a sale of the business.

In July, Almirall agreed to sell its respiratory business to AstraZeneca Plc. (AZN.L, AZN) for $875 million, with as much as $1.22 billion more due if the drugs meet development and sales goal.

On November 17, Actavis said it agreed to acquire Allergan Inc. (AGN) in a cash and stock deal valued at about $219 per share, or $66 billion. The deal enabled Allergan to fend off a hostile takeover bid from Canadian drug maker Valeant Pharmaceuticals, Inc. (VRX.TO, VRX), which was supported in its bid by activist investor William Ackman's Pershing Square Capital Management LP.

Separately, Actavis said on Friday that the Committee for Medicinal Products for Human Use or CHMP of the European Medicines Agency or EMA has granted Actavis' subsidiary Durata Therapeutics International, B.V., a positive opinion for XYDALBA (dalbavancin), for the treatment of acute bacterial skin and skin structure infections (ABSSSI) in adults.

XYDALBA is a bactericidal lipoglycopeptide. Its mechanism of action in susceptible Gram-positive bacteria involves interruption of cell wall resulting in bacterial cell death.