11.16.06
ALTANA AG announced the sale of ALTANA Pharma AG and its entire pharmaceuticals business to Nycomed for approximately €4.5 billion ($5.7 billion). The completion of the transaction is subject to approval by the competent antitrust authorities in the EU and the U.S. as well as an Extraordinary General Meeting of ALTANA AG. Closing is expected by the end of this year. The transfer of the business is planned as of January 1, 2007.
ALTANA Pharma is an international pharmaceutical group with about 9,000 employees and more than 30 subsidiaries worldwide. In 2005, the company achieved sales of about €2.4 billion, up 12 percent from 2004.
After the divestiture, ALTANA AG will focus on its specialty chemicals business ALTANA Chemie.
“With this significant step we have now, as previously announced, paved the way for the future strategic development of both the pharmaceuticals as well as the chemicals businesses of the ALTANA Group,” said Dr. Nikolaus Schweickart, president and CEO of ALTANA AG. “After just under 30 years after the foundation of ALTANA in 1977, this is the most defining moment in the company’s history. The separation of the two divisions, which have so far been managed by the holding company ALTANA AG, into two independently operating companies with different shareholder structures is based on the firm belief that in the planned new constellation both companies will be facing new strategic opportunities for a successful future.
“In Nycomed we have found a strategic match for our pharmaceuticals business. Combining ALTANA Pharma’s market strength and research capabilities with Nycomed’s strong position within development and in-licensing, provides a sustainable future for the new company,” Dr. Schweickart added.
ALTANA Pharma is an international pharmaceutical group with about 9,000 employees and more than 30 subsidiaries worldwide. In 2005, the company achieved sales of about €2.4 billion, up 12 percent from 2004.
After the divestiture, ALTANA AG will focus on its specialty chemicals business ALTANA Chemie.
“With this significant step we have now, as previously announced, paved the way for the future strategic development of both the pharmaceuticals as well as the chemicals businesses of the ALTANA Group,” said Dr. Nikolaus Schweickart, president and CEO of ALTANA AG. “After just under 30 years after the foundation of ALTANA in 1977, this is the most defining moment in the company’s history. The separation of the two divisions, which have so far been managed by the holding company ALTANA AG, into two independently operating companies with different shareholder structures is based on the firm belief that in the planned new constellation both companies will be facing new strategic opportunities for a successful future.
“In Nycomed we have found a strategic match for our pharmaceuticals business. Combining ALTANA Pharma’s market strength and research capabilities with Nycomed’s strong position within development and in-licensing, provides a sustainable future for the new company,” Dr. Schweickart added.