Watson Buys Generics Firm Specifar for $562M

Watson Pharmaceuticals has purchased privately-held Greek multinational Specifar Pharmaceuticals which comes in fifth in its home country's branded generics market.

Specialty pharmaceutical company Watson Pharmaceuticals announced Wednesday its acquisition of Greece-based generic drugs firm Specifar, for €400 million (about $562 million) in cash and certain contingent consideration.

Specifar specializes in the development, production, distribution, and sales of generics. The firm reported revenues of about €85 million in 2010, and currently has about 400 marketing authorizations licensed out to third parties for sale in 36 countries, primarily in Europe.

Watson says acquisition of Specifar will enhance its presence in key European markets by providing a portfolio of approved products, and provide a springboard into the €6 billion Greek pharmaceutical market, where the latter’s  generics, branded under the Specifa