Watson Pharmaceuticals, Inc., a leading specialty pharmaceutical company, announced that the Federal Trade Commission (FTC) has accepted a proposed consent order for public comment relating to Watson's pending acquisition of Andrx Corporation, and granted early termination of the Hart Scott Rodino waiting period, thereby permitting the parties to close the transaction. The parties have now obtained all regulatory approvals required to close the transaction. Accordingly, the parties expect to consummate the acquisition of Andrx by Watson on November 3, 2006.
Under the terms of a consent order with the FTC, Watson and Andrx have agreed to the following conditions to complete the acquisition: Watson will terminate its agreement with Interpharm, Inc. related to the distribution of Interpharm's hydrocodone ibuprofen 7.5mg/200mg product. Interpharm will initiate direct sales of the product upon the close of the transaction; Andrx will sell to Actavis Group hf its pending Abbreviated New Drug Applications (ANDAs) for glipizide extended-release, 2.5, 5 and 10mg, and will assign to Actavis its rights under an existing supply agreement with Pfizer, pursuant to which Andrx currently distributes glipizide extended-release tablets manufactured by Pfizer; Teva Pharmaceuticals USA will acquire all of Andrx's ownership interests in its portfolio of oral contraceptive products. Teva currently holds exclusive marketing rights to such products.
Watson does not consider the marketed products to be divested pursuant to the consent order to be material to Watson, a company release said.