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FTC OK'd Actavis' acquisition of Warner Chilcott

Staff writer ▼ | September 30, 2013
The U.S. Federal Trade Commission (FTC) has voted to approve Actavis' proposed acquisition of Warner Chilcott. The closing of the transaction remains subject to approval by the Irish High Court.
Warner Chilcott
Warner ChilcottThe U.S. Federal Trade Commission (FTC) has voted to approve Actavis' proposed acquisition of Warner Chilcott. The closing of the transaction remains subject to approval by the Irish High Court.


The vote in support of the transaction follows Actavis' agreement to a proposed consent order, pursuant to which Actavis has agreed to divest certain products as a condition to obtaining FTC approval. The closing of the transaction remains subject to approval by the Irish High Court and other customary closing conditions, and is expected to occur as soon as practicable after satisfaction of those conditions.

Actvis announced in May that it will acquire Warner Chilcott in a stock-for-stock transaction worth $8.5 billion. The transaction will create a global specialty pharmaceutical company with $11 billion in combined annual revenue.

It will also be the third-largest U.S. specialty pharmaceutical company with approximately $3 billion in annual revenues focused on core therapeutic categories of Women's Health, Gastroenterology, Urology and Dermatology. The proposed transaction has been unanimously approved by the Boards of Directors of Actavis and Warner Chilcott.

At the close of the transaction Actavis and Warner Chilcott will be combined under a new company incorporated in Ireland, where Warner Chilcott is currently incorporated. The newly created company is expected to be called Actavis plc or a variant thereof (New Actavis), will be led by the current Actavis leadership team.


 

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