Actavis, Warner Chilcott reach acquisition deal
PARSIPPANY, N.J. — Actavis will acquire Warner Chilcott for $8.5 billion, the drug maker said Monday.
Actavis said its acquisition of the Dublin-based company would result in combined sales of about $11 billion, with a focus on women's health, gastroenterology, urology and dermatology products. Actavis announced its intention to acquire Warner Chilcott two weeks ago, saying at the time that a deal had not been reached, though it announced last week that it had filed for approval of the deal with Irish regulators. As of Monday, the boards of directors of both companies have approved the deal, and it is expected to close by the end of this year.
"We have set as our strategic corporate objective to build a leading global specialty pharmaceutical company," Actavis president and CEO Paul Bisaro said. "The combination of Actavis and Warner Chilcott creates a strong specialty brand portfolio focused in therapeutic categories with strong growth potential and is supported by a deep pipeline of development programs."
While primarily a generic drug company, and the third-largest one at that, Actavis also has a significant presence in branded drugs, a presence that acquiring Warner Chilcott would bolster.
"The Warner Chilcott team has built a powerful specialty brands business with a strong pipeline, and this compelling transaction brings together two complementary organizations with the potential to create even more value for shareholders," Warner Chilcott president and CEO Roger Boissonneault said.