K-V Pharmaceutical to divest generics business to Zydus for $60 million
ST. LOUIS—K-V Pharmaceutical Co.announced today that it has entered into a definitive agreement todivest Nesher Pharmaceuticals Inc., its generics subsidiary, and thecompany's generic business and assets, to Zydus Pharmaceuticals (USA)Inc. for approximately $60 million in cash. The transaction isestimated to close during the second quarter of KV's 2012 fiscalyear, subject to customary closing conditions.
The divesture of the company's genericbusiness has been "an important goal of KV's board of directors andmanagement team," according to the company, with the divestiturebeing an important element of the company's declared strategy oftransitioning to a branded specialty pharmaceutical company focusedon women's health.
Jefferies & Company, Inc. acted asexclusive financial advisor to K-V in this transaction.