Warner-Lambert is selling its generics pharmaceuticals business Warner Chilcott Laboratories to Nale Laboratories. The acquiring company was established in 1994 by Irish firm Elan Corporation to develop complex generic drugs.
In 1995, Warner Chilcott had sales of $125 million. There is speculation among US analysts as to the selling price of the generics unit, but Warner-Lambert has not disclosed financial details of the agreement. However, W-L has said that it has entered into manufacturing and service agreements with Nale and will retain rights to a minority equity interest in Nale Laboratories.
W-L chairman and chief executive, Melvin Goodes, commented: "in 1995, we began divesting nonstrategic assets, allowing us to focus our energies on those businesses that are critical to our long-term success. Proceeds from Warner Chilcott will enable us to invest more heavily behind our core businesses."
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