Watson Signs Definitive Agreement To Acquire Arrow Group
Transaction expected to close in the second half of 2009
Watson Pharmaceuticals has entered into a definitive agreement to acquire Arrow Group for $1.75 billion in cash and stock. The combination of Watson and Arrow will result in a global pharmaceutical company with over $3 billion in revenue, commercial operations in over 20 countries, and a robust product portfolio and pipeline.
The transaction is expected to close in the second half of 2009, and be accretive to cash earnings per share in 2010 before synergies.
Paul Bisaro, President and CEO of Watson, said: The acquisition of Arrow will mark a significant milestone in realizing our strategic vision to expand our global footprint and leverage our assets across many developed and emerging markets around the world.
The combined company will have a global infrastructure and a strong product portfolio and pipeline which create significant opportunities for long term growth. Additionally, Arrow's manufacturing network, including facilities in Canada, Malta and Brazil, will further expand Watson's global supply chain, he added.
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