Watson Pharmaceuticals, Inc. and Actavis Group have jointly announced that Watson has entered into a definitive agreement to acquire privately held Actavis for an upfront payment of EUR4.25 billion. Actavis has operations in more than 40 countries and presently has a portfolio which includes more than 1,000 medicines present on the market and registered in more than 70 countries. As a result of the transaction, Watson will become the third largest global generics company, with 2012 anticipated pro forma revenue of approximately US$8 billion. The acquisition will be subject to customary conditions in and outside of the United States, and Watson anticipates closing the transaction in the fourth quarter of 2012.
Latham & Watkins LLP advised Watson on the transaction, which is being executed under English law. The Corporate team was led by partners R. Scott Shean and Charles Ruck in the firm’s Orange County, California office and Michael Bond in the London office with associates Robbie McLaren, David Lee and Stephen Amdur. Advice was also provided on tax matters by partners Sean Finn in London, Nicholas DeNovio in Washington, D.C. and Laurence Stein in Los Angeles; on employee benefits matters by partners Bradd Williamson in New York and Catherine Drinnan in London; and on finance matters by partners Daniel Seale in New York and Wesley Holmes in Orange County, with associates Jesse Sheff and Ryan deFord.
(Press Release by Latham & Watkins)
