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Watson Pharmaceuticals (NYSE: WPI ) has sold its minority stake in privately held Latin American generic-drug maker Moksha8. According to a Watson press release, the stake was sold for $47 million, more than 50% higher than the $30 million Watson originally invested in the company in 2010. The buyer was not identified.
The American company and Moksha8 will continue to have a business relationship after the sale, Watson said. Moksha8 is to be granted a license for five branded, generic central nervous system products to be developed for its home markets of Mexico and Brazil. In return, Watson is to retain generic marketing rights in those countries for all Moksha8-licensed products.
The sale of the Moksha8 stake comes on the heels of Watson gaining Federal Trade Commission conditional approval for its proposed $5.9 billion acquisition of European generic pharmaceutical company Actavis.