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Actavis agrees to purchase Warner Chilcott for US$8.5b
Source: Agencies |
May 21, 2013, Tuesday
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ACTAVIS is buying Warner Chilcott in an all-stock deal valued at US$8.5 billion which would create the third-biggest specialty pharmaceutical company in the US.
Yesterday's announcement came after the two companies said earlier this month that they were in talks about a possible combination. It also follows reports that New Jersey-based Actavis rebuffed takeover bids from companies including Mylan Inc and Canadian drugmaker Valeant Pharmaceuticals International Inc and that Swiss drugmaker Novartis AG was eying a bid.
Actavis was formed last fall through a US$5.6 billion combination of Watson Pharmaceuticals of New Jersey and Actavis of Switzerland.
Actavis sells versions of the deep vein thrombosis treatment Lovenox, asthma medication Xopenex, attention deficit hyperactivity disorder drugs Adderall XR and Concerta, and the cholesterol fighter Lipitor, among many other products. It also has a pharmaceutical distribution business called Anda.
With the Warner Chilcott purchase, the new company may be called Actavis PLC and will be incorporated in Ireland, where Warner Chilcott is incorporated. It is anticipated to have about US$11 billion in combined annual revenue.
Actavis President and CEO Paul Bisaro said in a statement the deal will help launch new products over the next several years.
Yesterday's announcement came after the two companies said earlier this month that they were in talks about a possible combination. It also follows reports that New Jersey-based Actavis rebuffed takeover bids from companies including Mylan Inc and Canadian drugmaker Valeant Pharmaceuticals International Inc and that Swiss drugmaker Novartis AG was eying a bid.
Actavis was formed last fall through a US$5.6 billion combination of Watson Pharmaceuticals of New Jersey and Actavis of Switzerland.
Actavis sells versions of the deep vein thrombosis treatment Lovenox, asthma medication Xopenex, attention deficit hyperactivity disorder drugs Adderall XR and Concerta, and the cholesterol fighter Lipitor, among many other products. It also has a pharmaceutical distribution business called Anda.
With the Warner Chilcott purchase, the new company may be called Actavis PLC and will be incorporated in Ireland, where Warner Chilcott is incorporated. It is anticipated to have about US$11 billion in combined annual revenue.
Actavis President and CEO Paul Bisaro said in a statement the deal will help launch new products over the next several years.
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