Endo Terminates $190-Million Acquisition Agreement With SomersetBy
Endo International, a generics and specialty branded pharmaceutical company, has announced that its subsidiaries, Endo Ventures Limited, Par Pharmaceutical, Inc. and Par Formulations Private Limited, have terminated their respective agreements to acquire Somerset Therapeutics, a New Jersey-based specialty pharmaceutical company, and the business of its India-based affiliate, Wintac Limited, which operates as Somerset Therapeutics’ contract developer and manufacturer.
Endo announced in April 2018, that it was buying Somerset Therapeutics and its Indian CMO and manufacturing operation Wintac to boost its standing in the sterile injectables manufacturing market.
“Endo has worked diligently to consummate this transaction since executing definitive agreements in April 2018; however, certain regulatory approvals in India have taken longer than anticipated and we do not have clarity as to when those approvals may be received,” said Paul Campanelli, President and Chief Executive Officer, Endo, in a February 27, 2019 company statement. “We therefore exercised our right to terminate the acquisition agreements and we remain focused on continuing to enhance the value of our businesses.”