Forest Laboratories announces takeover of Aptalis

Forest Laboratories has announced the acquisition of US healthcare company Aptalis in a deal worth $2.9 billion (1.76 billion pounds).

Aptalis is a specialist developer of gastrointestinal and cystic fibrosis therapies and generated sales of $688 million during the 2013 business year. Its leading product brands include Canasa, Carafate and Zenpep.

It has built a strong position in the North American and European gastroenterology and cystic fibrosis markets through a combination of internal product development and acquisitions of various products and companies.

The acquisition is expected to add nearly $700 million in revenue to Forest's revenue figures for the 2015 business year.

Brent Saunders, chief executive officer and president of Forest Laboratories, said: "The acquisition of Aptalis helps diversify Forest while advancing our strategy to create blockbuster therapeutic areas."

The firm is currently entering a new phase of its corporate strategy under the leadership of Mr Saunders, who succeeded Howard Solomon as chief executive in October 2013.