Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Watson Pharmaceuticals, a specialty pharmaceutical company, has entered into definitive agreement to acquire a portfolio of generic pharmaceutical products that are being divested as a result of the proposed merger between Teva Pharmaceutical Industries and Barr Pharmaceuticals.
Subscribe to our email newsletter
Under the terms of the agreement, Watson will acquire the portfolio of products for an upfront payment of $36 million and will make additional payments to Teva when certain milestones are met on the development-stage products. Teva will supply the products to Watson under a manufacturing and supply agreement until manufacturing is transferred to Watson or a third party.
The closing of the product acquisition is contingent upon the consummation of Teva’s merger with Barr. The portfolio of products consists of 17 products, including 15 FDA-approved products and two development-stage products.
Paul Bisaro, president and CEO of Watson, said: “These products represent a sound complement to our extensive generics portfolio. We anticipate these new generics will have immediate value that we will begin to realize in early 2009.”