PARSIPPANY, N.J. — Watson has announced its intention to acquire Actavis, the company said.
Following news reports Tuesday that the U.S.-based generic drug maker would acquire Switzerland-based Actavis, Watson announced Wednesday that it would buy the latter for $5.6 billion. News media had reported that the deal would be worth $5.9 billion, while there had been estimates in March that Watson would pay up to $7.3 billion.
"The acquisition of Actavis will create the third largest global generics company, substantially completing Watson's expansion as a leading global generics company," Watson president and CEO Paul Bisaro said. "Actavis dramatically enhances our commercial position on a global basis and brings complementary products and capabilities in the United States."
Watson noted that Actavis operates in more than 40 countries and markets more than 1,000 products around the world, with more than 300 projects in its pipeline and 2011 sales of about $2.5 billion.