The New Actavis: What Did It Gain with the Acquisition of Forest Laboratories?


From DCAT Value Chain Insights (VCI)

By Patricia Van Arnum posted 07-08-2014 14:29

  

In a move to further strengthen its branded pharmaceutical portfolio, Actavis completed its approximately $28-billion acquisition of the specialty pharmaceutical company Forest Laboratories on July 1, 2014. A look at the new Actavis post its acquisition of Forest Laboratories.

 
 
Paul Bisaro
Executive Chairman
Actavis 
On July 1, 2014, Actavis completed its acquisition of Forest Laboratories, Inc. in a cash and equity transaction valued at approximately $28 billion. The deal further diversifies Actavis into branded pharmaceuticals and creates a specialty pharmaceutical company with annual revenues of more than $15 billion anticipated for 2015. So what does each company bring to the newly combined company? DCAT Value Chain Insights examines the management, products, and manufacturing positions of the newly combined company.

The combined company at a glance
Actavis, which provides generic, specialty, and over-the-counter (OTC) products, is headquartered in Dublin Ireland. It posted revenues of $8.68 billion in calendar year 2013. Forest Laboratories, which provides branded drug products and develops medicines principally to treat disorders of the central nervous system, cardiovascular, gastrointestinal, and respiratory areas as well as anti-infectives and drugs to treat cystic fibrosis, is headquartered in New York, New York. The company posted revenues of nearly $3.65 billion for fiscal year 2014 (ending March 31, 2014).

With the acquisition of Forest Laboratories, Actavis enhances its position in branded pharmaceuticals. On a pro forma combined basis for full year 2014, Actavis' brand pharmaceutical business now includes: an approximately $2-billion central nervous system franchise; gastroenterology (GI) and women's health franchises each valued at approximately $1 billion in revenue; a cardiovascular franchise that generates approximately $500 million in revenue; and urology and dermatology/ established brand franchises each approaching $500 million a year in revenue; and emerging and sustainable portfolios in infectious disease and respiratory areas.

The specialty brand portfolio of the combined company has 25 products in the near- or mid-term stage of development. With the Forest acquisition, Actavis' innovative specialty brands pipeline now includes 16 product candidates at the Phase III or new drug application stages of development. That position was further enhanced through Actavis/Forest’s recent acquisition of Furiex Pharmaceuticals, Inc., which added Furiex’s lead product, eluxadoline, a locally acting mu opioid receptor agonist and delta opioid receptor antagonist for treating symptoms of diarrhea-predominant irritable bowel syndrome to Actavis’ GI franchise. Actavis completed the acquisition of Furiex on July 2, 2014, in deal valued at $1.1 billion and up to approximately $360 million in a contingent value right that may be payable based on the status of eluxadoline as a controlled drug following approval. Actavis expects to be in a position to announce an acceptance for filing of the new drug application for eluxadoline by the end of the third quarter of 2014.

The newly combined company of Actavis and Forest Laboratories has 220 abbreviated new drug applications currently filed in the United States, 60 of which are believed to be confirmed as new first-to-file applications, and more than 750 filings on a global basis, according to Actavis. Actavis expects to realize approximately $1 billion in operating and tax synergies within three years. These synergies exclude any additional revenue or manufacturing synergies and are in addition to standalone synergies announced publicly by Forest as part of its Project Rejuvenate and acquisition of the specialty pharmaceutical company Aptalis earlier this year. During the third quarter of fiscal 2014, Forest announced Project Rejuvenate, a $500- million cost savings initiative with a goal of streamlining operations and reducing its operating cost base. Project Rejuvenate is focused on three areas: flattening and broadening the organization to reduce layers and increase spans of control, increase productivity and profitability by decreasing costs, and streamlining work to reduce low-value activities. Forest expects to realize annualized savings of approximately $270 million associated with the streamlining and realigning of its R&D organization, $150 million in savings associated with the reduction of marketing expenses, and $80 million in cost savings from a reduction in general and administrative expenses. In January 2014, Forest Laboratories announced it was acquiring the specialty pharmaceutical company Aptalis for $2.9 billion, and the company completed the deal in February 2014.

The Forest acquisition is the latest in a series of high-profile acquisitions involving Actavis, which have augmented its positions in both generics and specialty pharmaceuticals. In October 2012, the generic-drug company Watson Pharmaceuticals Inc. completed its acquisition of Actavis Group; Watson then changed its corporate name to Actavis in January 2013. The combination of Watson and Actavis created the third largest generic-drug company on a global basis and strengthened the company’s position in modified release, solid oral dosage, and transdermal products and broadened its portfolio to include semi-solids, liquids, and injectables. In October 2013, Actavis completed its acquisition of Warner Chilcott plc, which capitalized on the complementary specialty pharmaceuticals strengths and market positions of the two organizations, particularly in women’s health and urology, as well as in gastroenterology and dermatology. These deals were followed by Actavis’ acquisition of Forest Laboratories. Actavis announced the agreement to acquire Forest Laboratories in February 2014 and completed the deal on July 1, 2014 with Forest becoming a subsidiary of Actavis.

Leadership from both companies
The newly combined Actavis will be led by representatives from both the Actavis and Forest sides of the acquisition. Actavis will be led by Paul M. Bisaro, who, with the close of the deal with Forest Laboratories, was named to the newly created position of executive chairman of the board. Bisaro had previously served as president and chief executive officer (CEO) of Actavis plc and chairman of the board since October 2013. He was named president and CEO and a member of the company's board of directors in 2007. Prior to joining Actavis, Bisaro was president, chief operating officer, and a member of the board of directors of Barr Pharmaceuticals, Inc., a global specialty pharmaceutical company, from 1999 to 2007.

 
 
Brent Saunders
President and CEO
Actavis

Brenton L. Saunders assumes the role of CEO and president of Actavis. He previously was CEO and president of Forest Laboratories and served as a director since 2011. Prior to joining Forest, he served as CEO and board member of Bausch + Lomb Incorporated from March 2010 until August 2013. He also served as a senior executive with Schering-Plough from 2003 to 2010, most recently as president of Global Consumer Health Care. He also served as head of integration for Schering-Plough's merger with Merck & Co. and for Schering-Plough’s acquisition of Organon BioSciences. Sigurdur Olafsson, who had been president of Actavis Pharma, left Actavis to join Teva Pharmaceutical Industries to head Teva’s newly formed Global Generic Medicines Group, effective July 1, 2014.

In other senior appointments, Robert Stewart, formerly president, global operations for Actavis, was  named chief operating officer. Bill Meury, formerly executive vice president, sales and marketing for Forest, was named executive vice president commercial, North American Brands, and David Buchen, formerly Actavis' chief legal officer, was named executive vice president commercial, North American Generics and International.

Actavis: pre Forest Laboratories
Actavis is organized into three principal segments (see Table I). Actavis Pharma, which accounted for approximately 75% of the company’s 2013 revenues, manufactures, markets, sells, and distributes generics, branded generics, and over-the-counter (OTC) drugs. In 2013, the US portfolio consisted of 250 generic pharmaceutical product families. During 2013, the company expanded its generic product line with the launch of approximately 700 generic products globally. Key US generic launches in 2013 included a generic Lidoderm (lidocaine topical patch 5%), Suboxone (buprenorphine HCL / nalaxone HCL), Diovan (valsartan), Provigil (modafinil), Desowen (desonide lotion and cream) and Cymbalta (duloxetine HCI).

Table I: Actavis’ Leading Segments, Calendar Year 2013

Segment 2013 Sales
(US$ Millions)
Focus

Actavis Pharma $6,355.9 Manufactures, markets, sells, and distributes generics, branded generics, and over the counter (OTC) drugs. US portfolio consists of 250 generic pharmaceutical product families. During 2013, the company expanded its generic product line with the launch of approximately 700 generic products globally.
Actavis Specialty Brands $1,124.8 Newly developed pharmaceutical products normally are patented or have market exclusivity and, as a result, are generally offered by a single provider when first introduced to the market. The company currently markets a number of branded products to physicians, hospitals, and other markets; it classifies these patented and off-patent trademarked products as its brand pharmaceutical products. Also includes biosimilars. Its portfolio includes 45 brand pharmaceutical product families.
ANDA Distribution $1,196.9 Primarily distributes generic and select brand pharmaceutical products, vaccines, injectables and OTC medicines to independent pharmacies, alternate-care providers (hospitals, nursing homes, and mail order pharmacies), pharmacy chains, and physicians’ offices.
With the Actavis Pharma and Actavis Specialty Brands operations, the company sells its generic and brand pharmaceutical products primarily to drug wholesalers, retailers and distributors, including national retail drug and food store chains, hospitals, clinics, mail order, government agencies, and managed healthcare providers, such as health maintenance organizations and other institutions. In its Anda Distribution business, the company distributes generic and brand pharmaceutical products to independent pharmacies, alternate-care providers (hospitals, nursing homes, and mail-order pharmacies), pharmacy chains, physicians’ offices, and buying groups.

Source: Actavis, 10-K 2013 Annual Filing, US Securities and Exchange Commission.

As part of a strategy to focus on fast-growth emerging markets in Central and Eastern Europe, Actavis decided to divest the Actavis’ Pharma’s commercial infrastructure in France, Italy, Spain, Portugal, Belgium, Germany and the Netherlands, including products, marketing authorizations, and dossier license rights. In January 2014, Actavis announced its intention to form an agreement with Aurobindo Pharma Limited to sell these businesses. The transaction is conditional on certain antitrust approvals and completion of an employee-consultation processes.

The two most significant generic products for Actavis are the authorized generic versions of Concerta (methylphenidate ER) and Lipitor (atorvastatin), which on a combined basis comprised 16% and 21% of its revenues in 2013 and 2012, respectively. During 2011 and 2012, atorvastatin was sold pursuant to an exclusive agreement with Pfizer, and Actavis launched its authorized generic of Lipitor on November 30, 2011. Due to the significant decline in the market for this product, the company agreed to terminate this agreement effective January 1, 2013. In exchange, Actavis will receive a royalty on future sales of the product by Pfizer through 2015.

Actavis Specialty Brands (see Table I) includes both patented and off-patented brand pharmaceutical products as well as biosimilars. The segment, prior to the Forest acquisition, included 45 brand pharmaceutical product families. Actavis Specialty Brands accounted for 13% of the company’s 2013 revenues and consists of brand pharmaceutical products as well as biosimilars. In October 2013, as a result of the Warner Chilcott acquisition, the company began promoting a number of products, including, but not limited to, Actonel, Asacol HD, Atelvia, Delzicol, Doryx, Estrace Cream, Enablex, Lo Loestrin Fe, and Minastrin 24 Fe.

In December 2011, Actavis entered into a collaboration agreement with Amgen to develop and commercialize, on a worldwide basis, biosimilar versions of four biosimilar oncology monoclonal antibodies: Herceptin (trastuzumab), Avastin (bevacizumab), Rituxan/Mab Thera (rituximab), and Erbitux (cetuximab). Amgen assumed primary responsibility for developing, manufacturing, and initially commercializing the oncology antibody products. Actavis will contribute up to $312.4 million in co-development costs over the remaining course of development, including the provision of development support, and will share product-development risks. In addition, Actavis is contributing expertise in the commercialization and marketing of highly competitive specialty and generic markets, including helping effectively manage the lifecycle of the biosimilar products. The collaboration products are expected to be sold under a joint Amgen/Actavis label. The collaboration will not pursue biosimilars of Amgen’s proprietary products.

Actavis also formed a partnership in July 2012 with Synthon, a pharmaceutical company headquartered in Nijmegen, the Netherlands, and acquired an exclusive license to its trastuzumab molecule, which is being developed as a biosimilar to Herceptin. Actavis subsequently contributed the product to its biosimilar collaboration with Amgen. Amgen and Actavis assumed all responsibility for worldwide development and commercialization of biosimilar trastuzumab, including Phase III clinical trials and global manufacturing. The agreement entitles Synthon to an initial payment and the opportunity to receive a milestone payment and royalties on net sales. Synthon also receive compensation for transitional support activities provided under the agreement.

The Anda Distribution business (see Table I) distributes generic and select brand pharmaceutical products, vaccines, injectables and OTC medicines to independent pharmacies, alternate care providers (hospitals, nursing homes and mail order pharmacies), pharmacy chains, and physicians’ offices.

The addition of Forest Laboratories
Three products—Nameda, Bystolic, and Viibryd—accounted for 65% of Forest Laboratories' sales of its patented products in fiscal year 2014 (see Table II). The company’s top-selling drug, accounting for 44% of fiscal year 2014 revenues, was Nameda (memantine HCl), a N-methyl-D-aspartate receptor antagonist for treaing moderate to severe dementia of the Alzheimer’s type. Sales were relatively flat at $1.50 billion in fiscal 2014, attributable to patient conversion to Namenda XR, an extended-release version of the drug. As part of a strategy for patient conversion to the extended-release formulation due to US patent expiry of Namenda in 2015, in February 2014, Forest announced that it would discontinue the sale of Namenda tablets, effective August 15, 2014. Namenda’s patent is currently scheduled to expire in April 2015 and agreements with multiple parties allow generic entry as of the date that is the later of (a) three calendar months prior to the expiration of the ‘703 patent, including any extensions and/or pediatric exclusivities or (b) the date each company receives final approval from the US Food and Drug Administration (FDA) of its abbreviated new drug application, or earlier in certain circumstances. In January 2014, Forest submitted to the US Food and Drug Administration (FDA) data from its pediatric program to extend the Namenda patent. If the FDA finds the submission meets the requirements of the Pediatric Written Request, the Company would be entitled to a six-month extension of marketing exclusivity for Namenda. Namenda XR, a once-daily extended-release formulation of Namenda for the treatment of moderate to severe dementia of the Alzheimer’s type, was launched in June 2013 and recorded sales of $135.8 million for the fiscal year ended March 31, 2014.

Under the terms of a license agreement with the German pharmaceutical company Merz Pharmaceuticals, Forest is granted exclusive US marketing (and related manufacturing) rights with respect to products containing memantine for use in the treatment of vascular dementia and Alzheimer’s disease, and Merz has agreed to supply all of Forest’s requirements of the active pharmaceutical ingredient memantine.The Merz license requires that Forest pay to Merz a percentage of its net revenues from the sale of Namenda as a royalty. The agreement expires in 2028.

Table II: Forest Laboratories Pharmaceutical Products, Fiscal Year Ending March 31, 2014

Proprietary Product (Active Ingredient) Fiscal Year 2013 Sales
(In US Millions)
Indication
Namenda (memantine HCl) $1,536.771 Moderate to severe dementia from Alzheimer’s disease
Bystolic (nebivolol HCl) $529.604 Hypertension
Viibryd (vilazodone HCl) $199.038 Major depressive disorder
Linzess (linaclotide) $175.063 Irritable bowel syndrome with constipation and chronic idiopathic constipation in adults
Namenda XR (memantine HCl) $135.770 Moderate to severe dementia from Alzheimer’s disease
Daliresp (roflumilast) $104.893 Reduce risk of exacerbations in patients with severe chronic obstructive pulmonary disease (COPD)
Savella (milnacipran) $104.893 Fibromyalgia  
Lexapro (escitalopram oxalate) $92.868 Major depressive order in adults and adolescents and generalized anxiety disorder in adults
Tudorza (aclidinium bromide inhalation powder) $78.405 Long-term maintenance treatment of bronchospasm associated with COPD
Teflaro (ceftaroline fosamil) $70.336 Acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia
Saphris (asenapine maleate) $27.883 Schizophrenia-monotherapy; adjunct therapy for bipolar I disorder
Fetzima (levomilnacipran) $11.700 Major depressive disorder
Other Products $333.911
Aptalis Products Acquired

Canasa (mesalamine) $23.539 Ulcerative proctitis
Carafate (sucralfate) $421.485 Ulcers
Zenpep (pancrelipase) $19.911 Exocrine pancreatic insufficiency due to cystic fibrosis, or other conditions
Other Aptalis products $43.462
In November 2013, Forest Laboratories purchased exclusive rights in the US for Saphris from Merck & Co. and the transaction closed in January 2014. Lexapro lost market exclusivity in March 2012.

Source: Forest Laboratories

Bystolic (nebivolol HCl), a beta-blocker indicated for the treatment of hypertension, had an increase in sales of 16.4% to $529.6 million in fiscal year 2014 as compared to $455.1 million in fiscal year 2013. The drug was the company’s second top-selling patented product in fiscal year 2014 and accounted for 15% of the company's fiscal year 2014 revenues. Forest licenses exclusive US and Canadian rights to Bystolic from Mylan Inc. Mylan licensed the US and Canadian rights to Bystolic from Janssen Pharmaceutica N.V. and obtained Janssen’s consent to sub-license Bystolic to Forest in those territories. In March 2012, Actvis entered into an agreement with Janssen, under which Actavis acquired all US patents and other US and Canadian intellectual property for Bystolic, for $357 million, thereby eliminating all future royalties. Bystolic was launched in Canada in April 2013. Bystolic is protected by a formulation patent that expires in 2015 and a pharmaceutical composition patent that expires in 2021.

Forest’s third-top selling pharmaceutical in fiscal year 2014 was Viibryd (vilazodone HCl), a selective serotonin reuptake inhibitor and a 5-HT1A receptor partial agonist for the treatment of adults with major depressive disorder. The drug accounted for 6% of sales in fiscal year 2014 and totaled sales of $199.0 million. Forest obtained exclusive worldwide rights to Viibryd through its 2011 acquisition of Clinical Data, Inc. The exclusive worldwide rights to develop and market Viibryd are licensed from Merck KGaA. Viibryd has been granted five years of Hatch-Waxman exclusivity that extends to 2016. Viibryd is also protected by a US composition-of-matter patent that expires in 2014. A request for patent-term extension was submitted to extend the composition-of-matter patent to 2019. In addition, there are multiple issued US patents directed to polymorphic forms of Viibryd that extend to 2022.

In terms of new products, in July 2013, Forest Laboratories received FDA approval for Fetzima (levomilnacipran extended-release capsules), a once-daily serotonin and norepinephrine reuptake inhibitor for the treatment of major depressive disorder in adults. Fetzima was launched in December 2013 and achieved sales of $11.7 million in fiscal year 2014. Forest entered into an agreement with Pierre Fabre Médicament in 2008 for the development and commercialization of Fetzima in the US and Canada. Pursuant to the agreement, Actavis assumed responsibility for the clinical development and commercialization of Fetzima in the US and Canada while Pierre Fabre funded all pre-clinical development and is funding all drug-substance manufacturing activities.

Linzess (linaclotide) achieved sales of $175.1 million in fiscal year 2014 following its launch in December 2012. Linzess is an agonist of the guanylate cyclase type-C receptor found in the intestine and acts by a mechanism distinct from previously developed products for irritable bowel syndrome with constipation and chronic idiopathic constipation. Linzess was granted five years of Hatch-Waxman exclusivity that extends to 2017. Linzess is also protected by US composition-of-matter and method-of-use patents that expire in 2024. A request for a patent-term extension has been submitted to extend a composition-of-matter patent to 2026.

In other recent product developments, on January 10, 2014, Forest began an asset purchase agreement with Merck Sharp & Dohme B.V., a wholly owned subsidiary of Merck & Co., Inc. (Merck) to purchase exclusive rights in the US for Saphris (asenapine) sublingual tablets, a treatment for adult patients with schizophrenia and, as monotherapy or adjunctive therapy, of manic or mixed episodes associated with bipolar I disorder. Forest made a payment of $155 million and entered into a supply agreement under which it will purchase the product from Merck at an agreed purchase price. In March 2014, Forest paid an additional $76 million to Merck for costs and expenses incurred in connection with post-marketing clinical trials for Saphris conducted during calendar 2013. The agreement also includes certain sales milestone payments to Merck upon the achievement of certain net sales thresholds.

Forest also is developing several fixed-dose combination (FDC) products. It is developing an FDC of Namenda XR and donepezil HCl with Adamas Pharmaceuticals, Inc. as a daily therapy for the treatment of moderate to severe dementia of the Alzheimer’s type. In March 2014, the company submitted a NDA to the FDA, and contingent upon FDA approval, the FDC is expected to launch in calendar year 2015. Namenda XR and donepezil HCl are each protected by multiple issued US patents licensed from Adamas that expire in 2025 and 2029. In addition, the combination is protected by an issued method-of-use patent related to the extended-release formulation that expires in 2029.

The company also is developing an FDC of Bystolic  and valsartan. In February 2014, the company submitted an NDA to the FDA for an FDC of nebivolol and valsartan for the treatment of hypertension. This FDC is protected by two issued US patents that expire in 2026 and 2027.

In December 2009, Forest entered into an agreement with AstraZeneca to acquire additional rights to avibactam, including co-development and exclusive commercialization rights in the US and Canada to products containing avibactam, including the ceftazidime/avibactam and ceftaroline/avibactam combinations. Avibactam is a novel broad-spectrum beta-lactamase inhibitor designed to be co-administered intravenously with select antibiotics to enhance their spectrum of activity by overcoming beta-lactamase-related antibacterial resistance. Avibactam is currently being developed in combination with ceftazidime, a cephalosporin antibiotic. For a FDC of ceftazidime/avibactam, Forest expects results during the middle of calendar year 2014 from Phase III studies for treating complicated intra-abdominal infections and results in early 2015 from Phase III studies for treating complicated urinary tract. In September 2013, the FDA designated ceftazidime/avibactam as a qualified infectious disease product (QIDP). QIDP designation provides certain incentives, including priority review and eligibility with the FDA’s fast track program, as well as a five-year extension of exclusivity under the Hatch-Waxman act.

In terms of pipeline developments, in November 2012, Forest submitted to the FDA an NDA for cariprazine, an atypical antipsychotic for the treatment of schizophrenia and acute mania associated with bipolar depression. In November 2013, the company received a Complete Response Letter in which the FDA acknowledged that cariprazine demonstrated effectiveness in the treatment of schizophrenia and mania associated with bipolar disorder and requested further information on the drug, including additional clinical trial data to better define the optimal dosing regimen to maintain the demonstrated efficacy while minimizing the potential for the development of adverse events generally associated with this class of drug. The company subsequently provided additional clinical trial data to the FDA and anticipates a resubmission by the end of calendar year 2014. Cariprazine is licensed through a collaboration and license agreement with Gedeon Richter Plc., based in Budapest, Hungary. The license grants Forest exclusive development and commercialization rights to cariprazine and its related compounds in the US and Canada.

The combined manufacturing network
Table III and Table IV
outline the R&D, manufacturing, administrative, and distribution facilities of Actavis (pre Forest acquisition) and Forest Laboratories. Not including Forest Laboratories, Actavis has commercial operations in more than 60 countries and operated more than 30 manufacturing and distribution facilities on a global basis (see Table III). Its major manufacturing sites are in: Athens, Greece; Barnstaple, UK; Birzebbugia, Malta; Corona, California; Davie, Florida; Nerviano, Italy; Dupnitsa, Bulgaria; Elizabeth, New Jersey; Goa, India; Hafnarfjordur, Iceland; Lincolnton, North Carolina; Fajardo, Puerto Rico; Weiderstadt, Germany and Salt Lake City, Utah.

Prior to acquisition of Forest Laboratories, Actavis implemented several cost-reduction initiatives, which included the transfer of several solid dosage products from its Corona, California facility to other facilities throughout its manufacturing network and the ongoing implementation of an operational excellence initiative at certain of its manufacturing facilities. The company also announced its intent to close its Pharmapack, Netherlands facility in 2014 and Lincolnton, North Carolina manufacturing facility by 2015, moving the production of certain prescription products to its Salt Lake City, Utah facility and contracting with third parties for the manufacture of certain OTC products. Its manufacturing facilities also include additional plants supporting local markets and alternative dosage forms. It also has development and manufacturing capabilities for raw materials and active pharmaceutical ingredients (APIs) and intermediate ingredients to support internal product development efforts at its facilities in Coleraine, Northern Ireland and Ambernath, India. Its Ambernath, India facility also manufactures APIs for third parties. As of December 31, 2013, Actavis had approximately 19,200 employees; of which 1,775 were engaged in R&D, 7,765 in manufacturing, 1,750 in quality assurance and quality control, 6,975 in sales, marketing, and distribution, and 935 in administration.

Table III: Actavis-Owned R&D, Manufacturing, Distribution, and Administration Facilities*

Ag. Varvara, Greece Manufacturing, R&D and Administration Actavis Pharma
Auckland, New Zealand Distribution and Administration Actavis Pharma
Barnstaple, UK Manufacturing and Administration Actavis Pharma
Bucharest, Romania Manufacturing, Distribution, Administration, R&D Actavis Pharma
Corona, California Manufacturing, Warehouse, Distribution Actavis Pharma/Actavis Specialty Brands
Davie, Florida, USA Manufacturing, Distribution, R&D, Administration Actavis Pharma/ Actavis Specialty Brands
Dundalk, Ireland Administration Actavis Specialty Brands
Dupnitsa, Bulgaria Manufacturing Actavis Pharma
Elizabeth, New Jersey Manufacturing, R&D, Administration Actavis Pharma/ Actavis Specialty Brands
Fajardo, Puerto Rico Manufacturing, Packaging Actavis Specialty Brands
Goa, India Manufacturing Actavis Pharma
Gurnee, Illinois Warehousing, Distribution Actavis Pharma/Actavis Specialty Brands
Hafnarfjordur, Iceland Manufacturing, Warehousing, Distribution, Administration Actavis Pharma
Jakarta-Timur, Indonesia Manufacturing, Warehousing, Distribution, Administration Actavis Pharma
Larne, Northern Ireland Manufacturing Actavis Specialty Brands
Leskovac, Serbia Manufacturing Actavis Pharma
Lincolnton, North Carolina Manufacturing, Administration, Warehouse Actavis Pharma
Liverpool, UK Administration, R&D Actavis Specialty Brands
Manati, Puerto Rico Warehouse, Distribution, Administration Actavis Specialty Brands
Mississauga, Canada Manufacturing, R&D, Administration Actavis Pharma
Nerviano, Italy Manufacturing, R&D Actavis Pharma
Rio de Janeiro, Brazil Manufacturing, Distribution, Administration Actavis Pharma
Troyan, Bulgaria Manufacturing Actavis Pharma
Weiterstadt, Germany Manufacturing Actavis Specialty Brands
*As of December 31, 2013.

Company also leases properties for R&D, manufacturing, distribution and warehousing functions. Leased properties are located in the following:
Belgrade, Serbia (Manufacturing, Administration, Actavis Pharma); Birzebbuga, Malta (Manufacturing, Distribution, Administration, Actavis Pharma/Actavis Specialty Brands); Dublin, Ireland ( Administration, Actavis Pharma/Actavis Specialty Brands); Gentofte, Denmark (Administration, Actavis Pharma); Groveport, Ohio (Distribution, Anda Distribution); Haan, Germany (Distribution, Actavis Pharma); Istanbul, Turkey (Administration, Actavis Pharma); Kiev, Ukraine (Administration, Actavis Pharma); Liege, Belgium (Manufacturing, Administration, R&D, Actavis Specialty Brands); London, UK (Administration, Actavis Pharma); Lyon, France (Administration, Actavis Pharma); Moscow, Russia (Administration, Actavis Pharma); Mumbai, India (R&D, Administration, Actavis Pharma); Munich, Germany (Administration, Actavis Pharma); Olive Branch, Michigan (Distribution, Administration, Anda Distribution); Owings Mills, Maryland (Manufacturing, R&D, Administration, Actavis Pharma); Parsippany, New Jersey (Administration, Actavis Pharma/Actavis Specialty Brands); Rockaway, New Jersey (Administration, Actavis Specialty Brands); Salt Lake City, Utah (Manufacturing, Distribution, R&D, Actavis Pharma/ Actavis Specialty Brand); Singapore City, Singapore (Manufacturing, Administration, R&D, Actavis Pharma); Sofia, Bulgaria (Administration, Actavis Pharma); Stockholm, Sweden (Administration, Actavis Pharma); Warsaw, Poland (Administration, Actavis Pharma); Weston, Florida (Distribution, Administration, R&D, Actavis Pharma/Anda Distribution); and Zejtun, Malta (Distribution, Administration, R&D, Actavis Pharma/Anda Distribution).

Source: Actavis


Table IV: Forest Laboratories Owned Properties

Location Function
United States
Commack, New York Administration and R&D (2 offices)
Commack, New York Administration, Sales Training, & Warehouse
Hauppauge, New York Warehousing, Administration and Clinical Packaging
Hauppauge, New York R&D
Cincinnati, Ohio Packaging, Warehousing and Administration
Cincinnati, Ohio Manufacturing, Warehousing and Administration (2 offices)
Vandalia, Ohio Manufacturing, Warehousing, R&D
St. Louis, Missouri Manufacturing, Warehousing, Distribution and Administration
St. Louis, Missouri Administration and Data Center
Europe
Clonshaugh, Ireland Manufacturing and Distribution
Baldoyle, Ireland Manufacturing and Distribution
Milan, Italy R&D, Manufacturing and Warehousing
Milan, Italy Manufacturing
Houdan, France Manufacturing and Administration
Canada
Mont-Saint-Hilaire, Canada Administration, Manufacturing and Warehousing
As of March 31, 2014.

Forest Laboratories leases the following properties for specified functions:
Alabama: Birmingham, Administration; California: Oakland, Administration; Emeryville, Microbiology laboratory; New Jersey: Jersey City, Administration; Bridgewater, Administration; New York: New York City, Administration; Commack, Information Technology; Farmingdale, Laboratory Testing; Hauppauge, Hotel facility for housing of sales reps during sales training and lease of welcome center; Ohio: Vandalia, Administration; Various US states: 7 Sales Administration offices; Dartford Crossing, England Administration; Paris, France, Administration; Various countries: Administration (8 offices); Vaughan, Canada, Administration

Source: Forest Laboratories

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