Actavis confirms plan to acquire Warner Chilcott, in $8.5 billion deal
US generics major Actavis (NYSE: ACT) revealed today (May 20) that it has entered into a definitive agreement to acquire Ireland-based specialty drugmaker Warner Chilcott (Nasdaq: WCRX) in a stock-for-stock transaction valued at around $8.5 billion (including $3 billion of debt). Actavis’ shares gained 2.6% to $128.70 in premarket trading, while those of Warner Chilcott rose 3.3% to $19.85.
The news follows confirmation last week that the two companies were in merger discussions (The Pharma Letter May 13), and the failure of a rumored takeover offer for the Irish firm from Canada’s Valeant Pharmaceuticals (TSX: VRX) – which had reportedly bid $13 billion (TPL April 28).
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