Actavis/Warner Chilcott

4. Buyer: Actavis
Target: Warner Chilcott
Price: $8.5 billion

There was a time when Actavis ($ACT) found itself the object of two drugmakers' affection, with both Valeant ($VRX), and later Mylan ($MYL), trying to woo the generics player. But Actavis spurned both those suitors in favor of a sizable pickup of its own. CEO Paul Bisaro has not shied away from making consolidation moves over the past few years that have spurred an industry-wide trend for generics makers.

The tie-up with Warner Chilcott happened quickly, with the companies negotiating a deal about a week after rumors began swirling. The stock swap also turned out to be about $3 billion bigger than those rumors suggested. It created an $11 billion company, Actavis said at the time, with the merged product portfolios yielding "core" therapeutic areas of women's health, gastroenterology, urology and dermatology; Bisaro highlighted women's health in particular as a field in which he expected to launch several products in the upcoming years.

While Actavis' bread and butter is its generics business, Bisaro has also focused recently on bolstering the company's branded lineup. To that end, Warner chipped in about 20 products, including top-seller Asacol, an ulcerative colitis treatment that generated $800 million in 2012 sales, and Actonel, an off-patent osteoporosis blockbuster with a 2012 haul of $519 million.

The acquisition came with another perk, too: Ireland's sought-after tax structure, to which Actavis gained access thanks to Warner's Irish address.

For more:
Special Report: Top 10 generics makers by 2012 revenue - Actavis
Actavis cutting 30% of U.S. sales organization
FTC asks Actavis, Warner Chilcott for more info on merger
Warner Chilcott CEO up for $9.2M handshake after Actavis deal
Actavis nabs Warner Chilcott in a $8.5B stock swap
Actavis nixed a $15B offer from Mylan to zero in on Warner Chilcott
Actavis, Warner in buyout talks potentially worth $5B-plus

-- Carly Helfand (email | Twitter)

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