Watson Pharmaceuticals to acquire generic products following merger of Teva, Barr

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Watson Pharmaceuticals, Inc. will acquire a portfolio of generic pharmaceutical products being divested as a result of the proposed merger of Teva Pharmaceutical Industries, Ltd. and Barr Pharmaceuticals, Inc.

The portfolio includes 15 products approved by the Food and Drug Administration and two development-stage products, Watson said.

Watson, a Corona, Calif., specialty pharmaceutical company, will pay an upfront payment of $36 million and will make additional milestone payments to Teva on the development-stage products.

"These products represent a sound complement to our extensive generics portfolio," Watson president and chief executive officer Paul Bisaro said in a company news release.

In July, Teva agreed to acquire Barr for $7.46 billion including the assumption of $1.5 billion in net debt.

The transaction is expected to close by the end of the year.

Teva develops, manufactures and markets generic and human pharmaceuticals as well as active pharmaceutical ingredients. The company is based in Petach Tikva, Israel.

Barr is a Montvale, N.J.-based developer, manufacturer and marketer of generic and proprietary pharmaceuticals.

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