Northern Ireland-based pharmaceutical company Galen has acquired a portfolio of women's care drugs from Pfizer for $359 million.
Galen will pay a further $125 million if two of Pfizer's drugs retain their exclusivity right during the life of their patents.
The Pfizer portfolio comprises the prescription oral contraceptives under the Estrostep and Loestrin brand names and the female-hormone replacement therapy.
Total turnover for the Pfizer products was about $228.3 million, $265.2 million and $211.1 million for the three years ended December 31st, 2000, 2001 and 2002, respectively.
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The deal will be funded through a combination of cash resources and debt amounting to $450 million from ABN AMRO, Bank of Ireland and Barclays Bank.