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Generics giant Watson acquires Arrow Group

US-based Watson Pharmaceuticals has entered into a $1.75bn cash and stock deal to acquire privately held Arrow Group

US-based Watson Pharmaceuticals has entered into a $1.75bn cash and stock deal to acquire privately held Arrow Group.

The merger will result in a global pharmaceutical company with commercial operations in over 20 countries and over $3bn in revenue.

As one of the fastest growing generic pharmaceutical companies in the world, Arrow has a commercial footprint in many established and emerging countries plus an extensive pipeline of products.

The group, which operates as Cobalt Pharmaceuticals in the US, has exclusive US rights to launch the authorised generic version of Pfizer's statin, Lipitor (atorvastatin) in November 2011.

"The acquisition of Arrow will mark a significant milestone in realising our strategic vision to expand our global footprint and leverage our assets across many developed and emerging markets around the world," said Paul Bisaro, president and CEO of Watson.

On completion of the transaction, which Watson expects to close in the second half of 2009, it is expected that the founder and CEO of Arrow, Tony Tabatznik, will join Watson's board of directors as a non-employee director.

Commenting on the acquisition, Tabatznik said: "This is a brilliant move for both Watson and Arrow and we are very excited about being part of this great combination. Together we will have the resources, the skills and the capabilities to build one of the premier specialty pharmaceutical companies in the world."

Arrow has around 1,000 employees worldwide across its production facilities in Brazil, Canada and Malta, and its R&D facility in Australia.

17th June 2009

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