Actavis Group, the international generic pharmaceuticals company headquartered in Iceland, yesterday announced it has successfully agreed a debt refinancing in collaboration with its lenders.
(Actavis press release)
The refinancing gives Actavis a capital structure that positions the Company strongly for the future and provides it with the flexibility to continue to grow, especially in southern Europe, Japan, the Middle East & northern Africa, and increase market penetration in current geographies. Another key priority will be the entry into the segment of biological products (biosimilars), a product group which requires a strong financial position due to the high development cost. Combined with the potential for strong operational performance and the recent appointment of Dr. Claudio Albrecht as CEO, the refinancing transaction puts Actavis in a strong position to achieve its growth targets.
The refinancing has the full backing of Actavis’ management team and its key stakeholders. Dr. Claudio Albrecht will also chair the Board, which will be further strengthened by the appointment of non-executive directors, some of whom have extensive industry experience.
Dr. Claudio Albrecht, Chief Executive of Actavis said: “With the refinancing successfully agreed on, the Group is now well placed for the future and can continue to execute its growth strategy on a robust platform, providing additional stability and opportunity for Actavis’ employees both in Iceland and around the world.”
The refinancing is expected to complete after satisfaction of customary conditions in the coming months.