Watson Pharmaceuticals, Inc. (NYSE: WPI) and Actavis Group today jointly announced that Watson has entered into a definitive agreement to acquire privately held Actavis for approximately EUR4.25 billion upfront. As a result of this acquisition, Watson will become the third largest global generics company with 2012 anticipated pro forma revenue of approximately $8 billion.
The combination of Watson's Specifar Pharmaceuticals third-party business, with Actavis' MEDIS third-party business will result in the creation of the largest out-licensing company with a broader range of products.
"The acquisition of Actavis will create the 3rd largest global generics company, substantially completing Watson's expansion as a leading global generics company. Actavis dramatically enhances our commercial position on a global basis and brings complementary products and capabilities in the United States," said Paul M. Bisaro, President and CEO of Watson.
"Today marks a milestone in the history of Actavis. For two years I have had the pleasure of working together with the newly formed Actavis management team and our stakeholders who have led the company into a new phase," said Claudio Albrecht, Executive Chairman and CEO of Actavis. "We have successfully placed Actavis in a strong position to meet the future growth opportunities in the generic pharmaceutical industry."