Andrx shareholders OK acquisition by Watson

California-based Andrx Corp's stockholders have adopted the agreement and plan of merger with fellow US firm Watson Pharmaceuticals announced earlier this year (Marketletter March 20). Subject to US antitrust clearance and the satisfaction of the other various conditions to closing in the agreement and plan of merger, the parties currently anticipate closing the acquisition in the third quarter of this year.

On the closing of the deal, each outstanding share of Andrx common stock will be converted into the right to receive $25.00 in cash, without interest, Andrx will become a wholly-owned subsidiary of Watson and its shares of common stock will cease to be quoted on the Nasdaq National Market.