1. In Vivo

Galen/Barr: Burying the Hatchet

 
• By Chris Morrison

After this summer's failed merger talks between the two companies, Galen's three-pronged deal with US-based generics play Barr Laboratories might be the next best thing for Galen investors. At little cost, the deal removes much of the risk associated with the Northern-Irish company's legal battles. And even though agreements between branded players and their generics competitors often raise eyebrows at antitrust authorities, this deal's structure and focus on the heavily genericized oral contraceptives market may get it past the regulators.

The rationale behind the failed takeover of Warner Chilcott PLC by Barr Laboratories Inc. this summer made strategic sense, say analysts. Barr would have made substantial progress expanding its branded and generic oral contraceptives presence. Galen's investors would have made an attractive return at a time when, despite several strong, growing women's health and dermatology franchises and rapid revenue growth through product acquisitions, the company was becoming a risky bet because of its unsettled legal battles with Barr and other generic competitors. But in the end, the math just didn't work out: Galen's price tag became too extravagant, Barr shares sank, negotiations ceased and Galen shares retreated as well.

But Galen analysts and investors cheered up in September 2003 when the Northern Ireland-based company found a way to iron...

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