Actavis sells Bulgarian plant to management

Icelandic generic manufacturer Actavis is to outsource its Bulgarian manufacturing subsidiary Balkanpharma-Razgrad to Antibiotic-Razgrad, a newly-formed company set up by the plant's current management.

The Razgrad site is the smallest of three Actavis plants in Bulgaria. The firm notes it has no plans to divest its Dupnitza and Troyan facilities as it says these are of strategic importantance to the company.

Dimitar Papazov, managing director of Antibiotic-Razgrad, said: "this local-management buy-out provides the new owners with an excellent opportunity to leverage idle capacity at the Razgrad plant. Antibiotic-Razgrad will be contract manufacturers for Actavis and fully intend to add more such contracts in the near future in order to improve cost and competitiveness. Our activities will remain closely linked to Actavis."