Abstract
Questcor Pharmaceuticals’ recent announcement that it will pay $50 million to buy BioVectra, the supplier of the active ingredient in its one commercial drug, registers as a kind of “man bites dog” story. These days, most drug companies are divesting, not acquiring, manufacturing assets. The fact that a small drug firm in Anaheim, Calif., will now own a production site nearly as far away as possible in North America—Charlottetown, Prince Edward Island—makes the deal seem like even more of a stretch. But Don M. Bailey, Questcor’s chief executive officer, shrugs off any raised eyebrows and calls the move a standard business diversification strategy. Bailey has already succeeded in growing the company. Since being hired as Questcor’s CEO in 2007, he has turned the marketer of H. P. Acthar Gel, a money-losing orphan drug acquired from Aventis a decade ago, into a firm on track to post doubled sales for 2012. ...
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