Pharma BD Deal Intelligence
A messy, FTC-scarred combination that nonetheless yielded one durable long-term winner (Anda) inside an otherwise unremarkable integration.
Full analysis, sources & comparables →Andrx shares surged 10.65% while Watson shares declined; Standard & Poor's placed Watson's corporate credit rating on negative 'CreditWatch' due to Andrx's FDA…
FTC consent order required divestitures in 13 generic drug markets where Watson and Andrx ANDAs overlapped - a partial drag on the deal's projected synergies.
Watson closed Andrx for ~$1.9B, financed via a $650M term loan; the combined entity became the #3 US generics company by prescriptions with $30M targeted…
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Watson Pharmaceuticals acquired Andrx Corporation for approximately $1.9B in cash, financed in part through a $650M term loan, consolidating its US generics position and adding Andrx's difficult-to-replicate controlled-release formulations. The combination created the third-largest US generics company by prescriptions. The FTC required divestitures in 13 overlapping generic drug markets as a condition of closing.
A messy, FTC-scarred combination that nonetheless yielded one durable long-term winner (Anda) inside an otherwise unremarkable integration.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Watson Pharmaceuticals (Actavis Inc.) / Andrx Corporation (this deal) | 2007 | $1.9B | 62 |
| Watson Pharmaceuticals (Actavis Inc.) / Actavis plc | 2012 | $5.9B | 97 |
| Watson Pharmaceuticals (Actavis Inc.) / Arrow Group | 2009 | $1.8B | 85 |
| Watson Pharmaceuticals (Actavis Inc.) / Amarin Development AB (Amarin Corp subsidiary) | 2003 | $150M | 70 |
| Watson Pharmaceuticals (Actavis Inc.) / Andrx Corporation | 2006 | $1.9B | 65 |
| Watson Pharmaceuticals (Actavis Inc.) / Schein Pharmaceutical Inc. | 2000 | $674M | 65 |
| Watson Pharmaceuticals (Actavis Inc.) / Eden Biodesign Limited | 2010 | $15M | 63 |
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More: 2007 deals · Watson Pharmaceuticals (Actavis Inc.) deals