17 April 2014, Thursday
Today's Zaman

US Watson buying Swiss generic drugmaker Actavis for $5.6 bln

26 April 2012, Thursday /AP
Watson Pharmaceuticals Inc. is buying another generic drugmaker, Switzerland's Actavis Group, for about $5.6 billion in a move that will make Watson in the world's third-biggest generic drugmaker.

Watson, which has seen its profits surge since it started selling an authorized generic version of cholesterol blockbuster Lipitor in December, is now No. 4 globally. It had expected around $5.4 billion in revenue this year. Privately held Actavis operates in more than 40 countries and sells more than 1,000 products. The companies said its revenue totaled $2.5 billion in 2011. Watson said the purchase should close during the fourth quarter of 2012, pending approval from regulators. If Actavis meets performance goals in 2012, its shareholders could get up to 5.5 million shares of Watson.

Watson CEO Paul Bisaro said in a statement that the deal will boost its position in Russia and Central and Eastern Europe, and complement its products in the US After the deal is complete, more than 40 percent of Watson's generic drug revenue will come from outside the US, and Watson said it believes it will be able to reduce its annual costs by $300 million the three years after the deal closes.

Watson reported $4.58 billion in revenue in 2011, up 29 percent from the previous year. It also expanded its business by buying generics maker Specifar Pharmaceuticals of Greece in May. That deal was valued at $563.1 million.

BUSINESS  Other Titles
Twitter: No current deal to open office in Turkey
Ankara says Russia's South Stream pipeline could run to Turkey
Turkish central bank meeting eyed for signs of political meddling
Turkish cement firms eye assets after Holcim-Lafarge merger
CHP raises issue of irregularity in loans for Sabah-ATV sale
TUSKON key in trade with Turkey, top Russian group says
Number of job seekers hits 10-year high
Gül attends event of group labeled ‘traitors' by Erdoğan
'Banning social media disaster for any government's global image'
Pakistan publishes list to embarrass tax cheats into paying up
Turkish schools help to enhance trade relations with Africa
Unemployment rate sees decrease year-on-year in Jan
Pegasus Airlines to start flights to Bahrain
Installment payments down 16 pct since credit card regulation implemented
Euro zone's trade surplus widens on rising exports in February
Doğan Holding merges with publishing group
Turkey's Koç: We will concentrate our energy on investments
EU lawmakers complete financial system overhaul
Egypt limits air conditioning in mosques as power shortages worsen
TL 1.5 billion budget deficit seen in Q1