logo
Share SHARE
FONT-SIZE Plus   Neg

Reports: Watson Pharma Close To Buying Actavis In A $7 Bln Deal

Generic drugmaker Watson Pharmaceuticals, Inc. Co. (WPI) is reportedly close to acquiring privately-held European peer Actavis for about $7 billion. The news sent Watson's shares soaring, which closed higher by nearly 9 percent.

The Swiss firm was taken private in 2007 and Icelandic business tycoon Bjorgolfur Thor Bjorgolfsson has a 78 percent stake in the company.

Parsippany, New Jersey-based Watson's offerings include generic version of cholesterol drug Lipitor and Concerta, intended for attention deficit hyperactivity disorder. The company last month reported a surge in profit for the fourth quarter mainly on strong sales of these two drugs.

Actavis also has a business nearly as big as that of Watson and has a formidable presence in central and eastern Europe. It has around 830 products on the market and about 350 products under development and pending registration. The U.S. company may pay 5.0 billion euros to 5.5 billion euros for the Swiss firm.

Among its previous acquisitions, Watson purchased Andrx Corp in 2006 for $1.9 billion and bought Arrow Group for $1.75 billion in 2009. The company last year acquired Specifar Pharmaceuticals of Greece for $562 million.

WPI climbed $5.16 or 8.82 percent on Wednesday to close the session at $63.69 on a volume of 10.86 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. has confirmed that the iPhone 6s battery issue may be larger than thought, as the tech giant said that some customers "outside the affected range of devices" have also reported unexpected shutdowns. The company again stressed that it is not a security issue. Tesla Motors Inc. voluntarily recalled more than 7000 charging adapters. The company said these adapters of Nema 14-30, 10-30 and 6-50 are sold separately as accessories. Earlier in November, two customers had complained about overheating issue of Nema 14-30 charging adapters. Tesla confirmed in its recall communication that there were no other similar incidents or reports of injuries or proper Sony announced Project Field, a new play way to bring card games to life, along with a host of smartphone games at an event in Japan, aiming to accelerate mobile drive. Project Field is a Japan-only card collection platform where actual physical cards will work with a smartphone app. The first title to be announced is based on Yo-kai Watch for mobile. There is no news about an international releas
comments powered by Disqus
Follow RTT