Actavis today announced that it has completed the acquisition of Warner Chilcott plc in a stock-for-stock transaction valued at approximately $8.5 billion. The combination creates a leading global specialty pharmaceutical company with approximately $11 billion in anticipated pro forma combined annual 2013 revenue, and the third-largest specialty pharmaceutical business in the U.S. with approximately $3 billion in annual revenue focused on the core therapeutic categories of Women’s Health, Urology, Gastroenterology and Dermatology.
In connection with the acquisition, Actavis and Warner Chilcott have been combined under a new company incorporated in Ireland, and have adopted the global name Actavis plc. Shares of Actavis plc will trade on the New York Stock Exchange under the ticker symbol ACT. The scheme of arrangement to effect Actavis’ acquisition of Warner Chilcott plc has taken effect today, and Warner Chilcott shareholders will receive the consideration to which they are entitled under the scheme of arrangement within 14 days.
“The combination of Actavis and Warner Chilcott creates a premier specialty pharmaceutical leader under the Actavis Specialty Brands umbrella. This enhanced business segment is uniquely positioned to meet the healthcare needs of patients around the world – particularly as a leader in Women’s Health,” said Paul Bisaro, President and CEO of Actavis. “The acquisition more than doubles Actavis’ Specialty Brands portfolio and delivers an industry leading pipeline with more than 25 products in various stages of development.
“Within our Women’s Health segment, we are now a strong leader with over 90 percent share of voice in oral contraceptives based on IMS Audits and have an expanded pipeline including seven new development programs encompassing three near-term launches and more than 10 products in late-stage development. Additionally, the combination bolsters our Urology business, establishes a platform for continued expansion into the Gastroenterology and Dermatology therapeutic categories and provides the opportunity to introduce a broader portfolio of new products in Actavis’ expanded global footprint.
“We are pleased with the performance of this business to date, including a record number of launches and the successful introductions of MinastrinT 24, Delzicol and Doryx 200 mg. When combined with the global commercial presence of Actavis Pharma and supported by our industry-leading Actavis Global Operations team, we now operate a formidable specialty pharmaceutical company. We have immediately implemented a comprehensive integration process, and will focus our efforts on maximizing our broader portfolio of marketed products, our enhanced research and development capabilities and pipeline and our expanded manufacturing footprint to capture synergies and drive continued growth and value for our shareholders, customers and employees. With the acquisition now closed, we renew our goal of long-term, double-digit organic earnings growth from this newly expanded base.”
