MORRISTOWN, N.J. Generic drug maker Watson Pharmaceuticals has completed its $1.05 billion acquisition of Arrow Group, the company announced Wednesday.
The combination of the two creates a global company with more than $3 billion in annual revenues spread across more than 20 countries and gives Watson a stake in the potential market for biosimilars, the company said.
“There are several significant benefits to Watson shareholders as a result of this financially smart transaction,” Watson president and CEO Paul Bisaro said in a statement. “Watson gains a financially strong and profitable company, an expanded global commercial presence, an expanded portfolio of marketed products, a stronger combined product pipeline with access to substantial biopharmaceutical capabilities and a geographically complementary manufacturing and distribution infrastructure that can be efficiently integrated into Watson's global supply chain.”
Through its acquisition of Arrow Group, Watson has also acquired a 36% stake in Eden Biodesign, a provider of development and manufacturing services for early-stage biotech companies that, Watson said, would give it a “long-term foundation” for biosimilars.