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: Quote) 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
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
RELATED NEWS
Trade ACT now with 
Follow RTT