PLIVA takeover: Barr outbids Actavis

Barr Laboratories has submitted an amended bid for PLIVA, the Croatian pharmaceutical company, in an attempt to outdo a competing bid from its Icelandic rival, Actavis.

PLIVA, which claims to be one of the fastest-growing pharmaceutical companies operating in the UK, last week accepted Actavis’ offer as “fair”, prompting Barr to submit a new bid of $2.5 billion (1.3 billion pounds).

Both of PLIVA’s potential suitors claim to represent the best offer for PLIVA – Actavis wants to create the world’s third-largest generic drugs manufacturer, while Barr wants to base its European headquarters in Croatia from which to launch an offensive on European markets.

Commenting on the new offer, Barr’s chairman and chief executive officer, Bruce L Downey, said: “As we have repeatedly stated, the benefits of the combination of PLIVA and Barr are beyond question.”

“Unlike Actavis, where there is significant geographic and product overlap, Barr and PLIVA have two largely complementary product portfolios and R&D capabilities,” he added.

Although a Croatian company, PLIVA has significant interests in the UK and is listed on the London Stock Exchange.

The company markets over 100 generic and proprietary products in Britain, covering 15 areas of therapy in the process.

In August, PLIVA UK donated 100,000 tablets of Gliclazide 80mg, the diabetes control treatment, to the Lebanon relief cause. The company claims it was the first pharmaceutical company to have its donation arrive at the distribution centre.