10/02/2014

ESTEVE BETS ON U.S. MARKET BY PURCHASING 25 GENERIC PRODUCTS

The company's turnover increased by 2.5% in 2013.

Esteve announced yesterday the purchase of a portfolio of 25 generic drugs for its subsidiary in the U.S. BPI. Esteve's turnover at the close of 2013 was 810 million euros (2.5% more than in 2012).

In line with Esteve's bet for growth in the United States, the company announced yesterday the purchase of a portfolio of 25 generic products owned by U.S. company Cypress Pharmaceutical Inc. The Catalan group will use these drugs in the U.S. only, and market them through its subsidiary Breckenridge Pharmaceutical Inc. (BPI).

The company's main purpose is therefore to boost growth in the largest pharmaceutical market in the world. According to inside sources, Esteve's international sales amount to 470 million euros (58%). Of these, 270 million correspond to the U.S. through BPI -a firm acquired in 2009.

"Adding these products to BPI's portfolio will allow it to be three years ahead of foreseen development and to reach some 365 million euros in 2017, thus turning the U.S. into the primary international market", states a communiqué issued by the firm, which, however, declines to reveal the purchase price. The products acquired fall into the areas of oncology, diabetes, urology, allergology, analgesia, central nervous system, and digestive system. Four of these products are already on the market and the rest will be marketed over the coming years by generics subsidiary Breckenridge Pharmaceutical Inc. (BPI). Esteve has been present in the U.S. market since 1970 with the commercialization of active pharmaceutical ingredients through its subsidiary Esteve Química.

Esteve also reported a turnover at the close of 2013 of 810 million euros (2.5% more than the 790 M turnover of 2012). As noted by the company, "our development in Spain is still hindered by pharmaceutical cost containment measures". In fact, in summer 2013 the company implemented a downsizing plan with 185 employees laid off. Its current workforce is 2,300 workers. In addition, Esteve also addresses the Spanish generic drug market through Pensa Pharma, a company whose products are sold in Europe, America and Asia.

The laboratory was founded in 1929 by Antoni Esteve and the company is still 100% owned by the Esteve and the Pagés-Montleón families. Founder's grandson Albert Esteve is its current CEO.

Esteve's domestic market plans include the incorporation of new products. A strategic alliance was signed at the end of 2013 with Japanese company Eisai to market the antiepileptic drug Zonegran. Also, two medicinal products against pain are currently in Phase II of clinical trials (with patients).

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