Drug Maker Watson To Buy Actavis For About EUR4.5 Billion - Source

Date : 03/21/2012 @ 12:59PM
Source : Dow Jones News
Stock : NY^TEVA (TEVA)
Quote : 38.92  0.0 (0.00%) @ 8:00PM

Drug Maker Watson To Buy Actavis For About EUR4.5 Billion - Source

Watson (NYSE:WPI)
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U.S. generic drug maker Watson Pharmaceuticals Inc. (WPI) is close to buying rival Actavis valuing the Swiss-based company at about EUR4.5 billion, a person familiar with the matter told Dow Jones Newswires Wednesday.

The deal could happen this month, although April is a more likely date, the person said.

"The combination would be a good fit as Watson has a strong footprint in the U.S. and Actavis is well positioned in Europe," the person said.

Spokesmen for Watson and Actavis declined to comment.

Former Iceland-based Actavis is the world's fourth-largest generic drug maker in terms of sales behind Israel-based Teva Pharmaceutical Industries Ltd. (TEVA), Novartis AG's (NVS) unit Sandoz and U.S.-based Myland Inc. (MYL).

Actavis increased its 2011 sales by 8% to about EUR1.84 billion, Chief Executive Claudio Albrecht told Dow Jones Newswires late January. "We are on track to achieve a top-line growth of 13% this year with profits climbing by 18%," he said.

-By Eyk Henning, Dow Jones Newswires, 49-69-29725-108, eyk.henning@dowjones.com

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