Watson Pharmaceuticals in a bid to increase their reach in the European and Asian markets, have spent $5.6 billion to buy Swiss drug maker Actavis. Watson is now placed just behind Novartis and Teva as the third biggest generic player in the industry. Watson has high hopes for the acquisition and expects a $8 billion revenue in 2012.
"The transaction itself is commercially compelling, it's financially compelling, and it expands our team," Watson Chief Executive Officer Paul Bisaro said today in a conference call. "The combination of all of those things, I think, is going to make an extremely powerful global company."
After the announcement of the deal, Watson share prices were up 3.8 per cent to $US73.50 ($A71.49) in after-hours trading.
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