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Business
Pliva Sells Research Unit
Croatian firm puts emphasis on generics
by LISA M. JARVIS AND MARC S. REISCH
February 16, 2006
Pliva, a Zagreb, Croatia-based drug firm, expects to complete its exit from the proprietary drug business with an agreement to sell an R&D unit to GlaxoSmithKline. Separately, Pliva agreed to buy the Spanish generics drug business Uso Racional from the Sandoz subsidiary of Novartis.
GSK will pay an up-front fee of $35 million, subject to the progression of certain early-stage projects into clinical development, and further payments of up to $15 million. The research arm, Pliva-Istraziva??ki Institut, is focused on the study of macrolides.
Pliva says it will pay Sandoz $25.6 million for the Uso Racional generics business, which expects $14 million in sales this year.
The Croatian firm announced plans to narrow its focus to its generics business in May 2005. In November, it sold its U.S.-branded subsidiary Odyssey Pharmaceuticals to Dava Pharmaceuticals.
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