Drugmakers Actavis and Warner Chilcott said Tuesday that their shareholders have approved the combination of the two companies.
Actavis, of Parsippany, N.J., reached a deal to buy Ireland-based Warner Chilcott in May for $8.5 billion. The acquisition will expand Actavis’ women’s health and urology business and give it a range of dermatology and gastroenterology products.
The new Actavis will be the third-largest specialty pharmaceutical company in the U.S. market.
Regulators and the Irish High Court still have to approve the deal. The companies expect to complete the transaction early in the fourth quarter.
Actavis was formed in October through a $5.6 billion tie-up between Watson Pharmaceuticals and Actavis Group. After Watson bought Actavis, it changed its name to Actavis Inc. The company says it will have about $11 billion in annual revenue after buying Warner Chilcott. It will incorporate in Ireland as part of the deal, which could reduce its tax liabilities.
Shares of Actavis were unchanged at $135.90 in morning trading and Warner Chilcott PLC shares rose 3 cents to $21.65.
