Barr Pharmaceuticals

Barr Pharmaceuticals, Inc.
IndustryPharmaceutical industry
Founded1970; 55 years ago (1970)
DefunctDecember 23, 2008; 16 years ago (December 23, 2008)
FateAcquired by Teva Pharmaceutical Industries
HeadquartersMontvale, New Jersey
Key people
Bruce L. Downey, Chairman & CEO
William T. McKee, CFO
ProductsGeneric drugs
RevenueIncrease $2.500 billion (2007)
Increase $0.128 billion (2007)
Total assetsDecrease $4.761 billion (2007)
Total equityIncrease $1.866 billion (2007)
Number of employees
8,900 (2007)
Footnotes / references
[1]

Barr Pharmaceuticals was a global specialty and generic drug manufacturer with operations in 30 countries.

Approximately 75% of the company's revenues were from the sale of generic drugs, including 18% of sales which were from the sale of oral contraceptive pills.[1]

It was acquired by Teva Pharmaceutical Industries in 2008 [2] for an estimated $7.46 billion ($10.6 billion in 2023).[3]

History

Barr Laboratories Inc. was founded in New York in 1970 by Edwin A. Cohen.[4]

Starting in 1991 Barr Laboratories was involved in a scandal stemming from their violation of GMP regulations concerning handling of out-of-specification (OOS) test results.[5] In 1993 Barr Labs lost a lawsuit stemming from these findings, resulting in new industry interpretations of FDA regulations regarding out of specification test results.[6]

In 1993, Bruce L. Downey joined the company as its president and in 1994, he became chairman and chief executive officer of the company.[7]

In 1993, the company settled a patent infringement case and began distributing a generic version of tamoxifen citrate, a treatment for breast cancer.[8]

In 1995, the company received approval to manufacture and sell a generic version of zidovudine (AZT), a treatment for AIDS.[9]

In 1996, the company became the first to receive approval from the Food and Drug Administration to market generic Warfarin, which was previously only sold by DuPont.[10]

In 2001, the company acquired Duramed Pharmaceuticals for $589 million in stock.[11]

In August 2001, after a 5-year legal battle with Eli Lilly and Company, the company began selling a generic version of Prozac.[12]

In 2003, the company acquired Endeavor Pharmaceuticals for $35 million.[13]

In 2004, the company acquired Women's Capital, maker of Plan B emergency contraceptives.[14]

In October 2006, the company acquired Pliva.[15]

On December 23, 2008, the company was acquired by Teva Pharmaceutical Industries and became part of Teva Active Pharmaceutical Ingredients (TAPI).[2]

References

  1. ^ a b "Barr Pharmaceuticals, Inc. 2007 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b "TEVA COMPLETES ACQUISITION OF BARR" (Press release). Pliva. December 23, 2008. Archived from the original on April 20, 2017. Retrieved March 2, 2018.
  3. ^ "Teva buys Barr Pharmaceuticals". The Jerusalem Post | JPost.com. Retrieved 2018-11-18.
  4. ^ "Barr Pharmaceuticals, Inc. History". FundingUniverse. Retrieved June 25, 2018.
  5. ^ "BARR LABS SHUTDOWN SOUGHT BY FDA DUE TO GMP VIOLATIONS UNCOVERED DURING AGENCY INSPECTIONS; FIRM CLAIMS FDA STANCE IS RETALIATION FOR WHISTLEBLOWING". PinkSheet. Retrieved April 8, 2019.
  6. ^ Kuwahara, Steven (November 2007). "A History of the OOS Problem". Biopharm International. BioPharm International-11-01-2007. 20 (11): 40–45. Retrieved April 8, 2019.
  7. ^ "Former Barr CEO Downey joins NewSpring Capital". American City Business Journals. March 11, 2009.
  8. ^ "PATENT SETTLEMENT LIFTS BARR LABORATORIES SHARES". The New York Times. March 9, 1993.
  9. ^ "BARR LABORATORIES WINS F.D.A. APPROVAL FOR GENERIC AZT". The New York Times. February 28, 1995.
  10. ^ FOSS, KRISTA (October 26, 2001). "BITTER PILL". The Globe and Mail.
  11. ^ "Barr to Buy Duramed in a Stock Swap". Los Angeles Times. Reuters. June 30, 2001.
  12. ^ PETERSEN, MELODY (August 2, 2001). "Drug Maker Is Set to Ship Generic Prozac". The New York Times.
  13. ^ "COMPANY BRIEFS". The New York Times. December 4, 2003.
  14. ^ News, Bloomberg (3 October 2003). "Company News; Barr Labs Agrees to Buy Assets of Women's Capital". The New York Times. {{cite news}}: |last1= has generic name (help)
  15. ^ "Barr Acquires PLIVA d.d." (Press release). Pliva. October 12, 2006.