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news.Watson Pharmaceuticals and Andrx Corporation have amended their definitive merger agreement in order to give Watson an extra month to complete the takeover.
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The amendment of their merger agreement of March 12, 2006 sees the deadline to close the transaction extended from September 12, 2006 until November 13, 2006.
The amendment will allow the parties additional time to clear the takeover deal with the Federal Trade Commission (FTC). In May, the companies each received a request for additional information from the FTC in connection with the deal. The companies said in a statement that “they continue to work closely with the FTC in response to the request”.
Andrx develops and commercializes generic versions of primarily controlled-release pharmaceutical products, as well as oral contraceptives and selective immediate-release products. Watson, headquartered in Corona, California, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes brand and generic pharmaceutical products.