EC approves Watson’s acquisition of the Actavis Group

Hannah Blake

pharmaphorum

Global generics company, Watson, has announced that the European Commission (EC) has approved the company’s pending acquisition of the privately-held Actavis Group. Watson is to pay at least $5.53m for Actavis.

Watson said back in April that the acquisition of the Swiss group would immediately boost earnings, forecasting synergies of over US $300m within three years. The move will also reinforce Watson’s international reach.

“Approval from the EC represents a significant milestone as we work toward the completion of the combination of Watson and Actavis later this year,”

Paul Bisaro, Watson’s President and CEO.

Watson expects this transaction to close in the fourth quarter of 2012 – the transaction is still subject to regulatory approval in the US for the Federal Trade Commission (FTC).

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Related news:

Europe says ‘yes’ to Watson Actavis merger (Pharma Times)

Reference links:

Watson press release

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