FTC votes to approve Watson's acquisition of Actavis

Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that the Federal Trade Commission (FTC) has voted to approve Watson's acquisition of the Actavis group of companies.  The unanimous vote in support of the transaction follows Watson's agreement to a proposed consent order, pursuant to which Watson has agreed to divest certain products as a condition to obtaining FTC approval.  The parties have now obtained all regulatory approvals required to close the transaction.  Accordingly, the parties expect to consummate the acquisition in late October or early November.

Under the terms of the consent order with the FTC, Watson and Actavis have agreed to divest a number of marketed and pipeline products to Par Pharmaceutical Companies, Inc. and Sandoz.

Subject to the consummation of the transaction between Watson and Actavis, Par will acquire the following products:

• Watson's Morphine Sulfate Extended Release Capsules
• Actavis' Nifedipine Extended Release Tablets
• Actavis' Metoclopramide Hydrochloride Tablets
• Actavis' Fentanyl Transdermal Film
• Actavis' Diltiazem Hydrochloride Extended Release Capsules
• Watson's pending application for Adapalene/Benzoyl Peroxide Gel
• Watson's pending application for Oxymorphone hydrochloride ER Tablets
• Watson's pending application for Amphetamine Salts ER Tablets
• Actavis' pending application for Rivastigmine Patch
• Actavis' pending application for Glipizide Extended Release Tablets
• Actavis' pending application for Varenicline Tartrate Tablets
• Actavis' pending application for Oxycodone Hydrochloride Extended Release Tablets
• Actavis' pending application for Ursodiol Tablets
• Actavis' development stage Methylphenidate Hydrochloride Extended Release Tablets

Subject to the consummation of the transaction between Watson and Actavis, Sandoz will acquire the following products:

• Actavis' Bupropion Hydrochloride 150 mg. Extended Release Tablets
• Actavis' Lorazepam Tablets
• Actavis' Diltiazem Hydrochloride Extended Release Capsules
• Watson's pending application for Dextromethorphan Hydrobromide /Quinidine Sulfate