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Savoring Sabex: Sandoz' Play in Injectable Generics

Sandoz, the generics unit of Novartis, is buying Sabex, a Canadian maker of injectable generics for $565 million cash, marking its entree into an attractive sector of generics and also the Canadian generics market. The 6X sales multiple aimed to dissuade Sabex owners from shopping for another buyer. Novartis is the only big pharma company to succeed in generics. Its play is opportunistic, but a secondary effect is a free-market response to pressure on big pharma to make drugs more affordable.

Sandoz Inc.'s acquisition of Sabex 2002 Inc. , [See Deal], a Canadian maker of injectable generics, gets it into one of the faster growing and more profitable segments of generics. The $565 million cash price tag was steep for a company with $90 million in revenues. But the six-times sales multiple wasn't out of line with the $3.3 billion Teva Pharmaceutical Industries Ltd. paid for Sicor Inc. , the largest generics injectables manufacturer, late last year. [See Deal]

With Teva, its biggest competitor in injectables breathing down its back, Sandoz, a subsidiary of Novartis AG , not surprisingly, had to act. Injectables are of increasing value to...

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