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8-K - FORM 8-K - Actavis, Inc. | y86960e8vk.htm |
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACTS: | ||||||
Watson | Moksha8 | |||||
Investors: | Media: | Media & Investors: | ||||
Patty Eisenhaur | Charlie Mayr | Jeannine Medeiros | ||||
(973) 355-8141 | (973) 355-8483 | +825 9191-0375 | ||||
jeannine@moksha8.com | ||||||
WCG | ||||||
Media & Investors: | ||||||
Brian Reid | ||||||
(212) 267-6725 |
Watson, Moksha8 Form Marketing Partnership for Brazil, Mexico;
Watson Makes Initial $30 Million Investment
Watson Makes Initial $30 Million Investment
Watson Investment Part of $61 Million Moksha8 Financing
Morristown, NJ, and Sao Paulo, Brazil, October 4, 2010 Watson Pharmaceuticals, Inc. (NYSE: WPI)
and Moksha8, based in Sao Paulo, Brazil, today announced that they have entered into an agreement
that will expand Watsons commercial presence in Latin Americas two largest markets, Brazil and
Mexico. Watson will invest $30 million in Moksha8 as part of Moksha8s approximately $61 million
USD financing that includes investments from existing investors TPG Biotechnology and Montreux
Equity Partners. As a result of this agreement, Watson immediately gains a significant minority
ownership position in Moksha8. Watson has also committed to invest an additional $20 million,
further increasing its equity position, contingent upon successful execution by Moksha8 of
additional third-party product acquisitions over the next year. In conjunction with its investment
in Moksha8, Watson has designated a representative to serve as a member of the Moksha8 board of
directors.
This unique partnership further demonstrates our commitment to expand our global footprint through
creative business solutions that maximize the commercial opportunities for our current
portfolio of brands and branded generics, establish the foundation for future growth in high value
and expanding markets, and creates immediate value for both partners, said Paul Bisaro, Watsons
President and Chief Executive Officer.
The management team of Moksha8, led by Simba Gill, has a proven track record of effectively
commercializing products within the brand and branded generic markets of Mexico and Brazil. This
agreement, which provides Watson with an initial equity position, enables us to help fund Moksha8s
expansion and to share in their continued success. The partnership complements Watsons existing
commercial operations in Brazil, while establishing an expanded longer-term strategy to grow our
presence in Brazil, establish our presence in Mexico and develop a pan-Latin American growth
strategy, Bisaro continued.
The addition of Watson to our current business expands our existing portfolio and pipeline of high
quality products for the Latin America market, said Simba Gill, Chief Executive Officer of
Moksha8. Further, this partnership marks moksha8s entry into the rapidly growing branded
generics market and immediately strengthens our position as a leader in the treatment of CNS
disorders including depression, anxiety and schizophrenia.
Watson will manufacture and supply select products to Moksha8, which will have exclusive rights to
market, sell and distribute these products in Brazil and Mexico. Moksha8 and Watson have initially
identified approximately one dozen product candidates, with the opportunity to expand the
commercialization and marketing agreement to include additional products in the future.
Watson will continue to own all marketing authorizations, and Moksha8 will be responsible for
sales, marketing and commercialization expenses.
Moksha8 currently markets 21 branded products for third parties in Latin America, utilizing a field
force of approximately 180 sales representatives in the areas of CNS, infectious disease and pain.
Combined, Brazil and Mexico make up 75% of the $40 billion USD Pharmaceutical market in Latin
America. Moksha8 is the high quality partner of choice for pharmaceutical and biotechnology
companies seeking to capture value in Latin America.
Watson currently manufactures and markets select generic products in the Brazilian marketplace
through a Brazilian subsidiary. This venture will have no impact on that subsidiarys current
operations, including current management, manufacturing and supply chain; Moksha8 will complement
Watsons Brazilian sales and marketing capabilities.
About Moksha8
Moksha8 is a leading pharmaceutical company in Latin America. The company is partnered with Roche,
Pfizer, BioCryst and Watson in Brazil and Mexico. Moksha8 was founded in 2007 by Simba Gill and TPG
Biotechnology. Major investors include TPG Biotechnology and Montreux Equity Partners. For
additional information on Moksha8, please visit the companys Web site at www.moksha8.com.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is a leading global specialty pharmaceutical company. The company is
engaged in the development and distribution of generic pharmaceuticals and specialized branded
pharmaceutical products focused on Urology and Womens Health. Watson has operations in many of the
worlds established and growing international markets.
For press releases and other company information, please visit Watson Pharmaceuticals Web site at
www.watson.com.
Forward-Looking Statements
Statements contained in this press release that refer to non-historical facts are forward-looking
statements that reflect Watsons and Moksha8s current perspective of existing information as of
the date of this release. It is important to note that Watsons and Moksha8s goals and
expectations are not predictions of actual performance. Actual results may differ materially from
Watsons and Moksha8s current expectations depending upon a number of factors affecting Watsons
and Moksha8s business. These factors include, among others, the impact of competitive products and
pricing; the timing and success of product launches; difficulties or delays in manufacturing; the
availability and pricing of third party sourced products and materials; successful compliance with
FDA and other governmental regulations applicable to Watson and Moksha8, their subsidiaries, and
their third party manufacturers facilities, products and/or businesses; changes in the laws and
regulations, including Medicare and Medicaid and similar laws in non-U.S. jurisdictions, including
Brazil and Mexico, affecting, among other things, pricing and reimbursement of pharmaceutical
products; and other risks and uncertainties detailed in Watsons periodic public filings with the
Securities and Exchange Commission,
including but not limited to Watsons annual report on Form 10-K for the year ended December 31,
2009 and Watsons quarterly report on Form 10-Q for the period ended June 30, 2010. Except as
expressly required by law, Watson and Moksha8 disclaim any intent or obligation to update these
forward-looking statements.
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