WOODCLIFF LAKE, N.J., Aug. 31 (UPI) -- U.S. generic drug maker Barr Laboratories said Thursday it finds itself in a bidding war to acquire Croatian firm PLIVA.
Barr said Actavis Group has bid $2.5 billion for the Zagreb-based pharmaceutical company, trumping Barr's offer of $2.3 billion.
Barr said it would respond to the Actavis offer no later than Sept. 8.
Prompted by the Actavis counter-offer, upon filing proper documents, Barr's tender period is now expected to close 30 days following the publication of Actavis's Aug. 31 bid in the "Official Gazette," Barr said.
Barr's own bid for PLIVA was published in the Gazette Aug. 18.
Barr said its potential acquisition of PLIVA would combine "two largely complementary product portfolios and R&D capabilities," creating a broad portfolio of solid oral dosage forms, extended and delayed release products, injectables, creams/ointments and biopharmaceuticals.
Barr added that, if its acquisition plans go through, the new company would retain the PLIVA name and the Croatian site would be the base of the new firm's European operations. Barr said it would also move production of select products to Croatia.
