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Galen boosted by $295m Sarafem purchase

Published on 27/10/03 at 10:28am

Galen has bolstered its product range by buying the rights to pre-menstrual syndrome treatment Sarafem from Lilly for $295 million.

Shares in the Northern Ireland-based company rose sharply on the news, which confirmed its determination to expand its product range, currently focused on women health.

Launched in 2000, Sarafem is a reformulation of fluoxetine (Prozac) and generated sales of around $85 million in 2001.

Chief Executive Roger Boissoneault said: "This is an excellent addition to Galen women healthcare franchise in the US, where it will complement our existing range. The increasing awareness of pre-menstrual dysphoric disorder (PMDD) amongst the medical community presents us with a great opportunity to develop this recently launched product."

The company bought Duricef, a cephalosporin antibiotic, and Moisturel, a skin moisturising cream, from Bristol-Myers Squibb for $40 million. Its acquisition of Warner Chilcott in 2000 has given the company a sales base in the highly lucrative US market, where it hopes most Sarafem sales will be made.

 

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