Actavis finalises takeover of Warner Chilcott

Actavis has announced that its $8.5 billion (5.29 billion pounds) takeover of Warner Chilcott has been completed.

The merger results in the creation of a new global specialty pharmaceutical company with approximately $11 billion in anticipated pro forma combined annual 2013 revenue, with a focus on the key areas of women's health, urology, gastroenterology and dermatology.

It more than doubles Actavis' specialty brands portfolio and delivers an industry-leading pipeline with more than 25 products in various stages of development, while also expanding the worldwide capabilities of the new-look business.

Paul Bisaro, president and chief executive officer of Actavis, said: "With the acquisition now closed, we renew our goal of long-term, double-digit organic earnings growth from this newly expanded base."

The company's revised board of directors will consist of Mr Bisaro as chairman and Andrew Turner as lead independent director, with the 13-man team including seven former members of Actavis, one new member from Actavis, four members from Warner Chilcott and one independent director.