Forest Laboratories completes takeover of Aptalis

Forest Laboratories has finalised its $2.9 billion (1.77 billion pounds) takeover of the privately-held specialty pharmaceutical company Aptalis.

The companies have now commenced combined operations, with Aptalis being run as a subsidiary of Forest, which anticipates $125 million in cost synergies by fiscal year 2016 as a result of the acquisition.

Aptalis is focused on the development of new therapies for gastrointestinal disorders and cystic fibrosis, including key products such as Canasa, Carafate, Pylera, Rectiv and Zenpep. It specialises in oral drug delivery platforms that provide advantages over existing formulations.

The buyout will strengthen Forest's gastrointestinal franchise in the US and Canada and complement its cystic fibrosis business in Europe, while allowing it to enter the North American cystic fibrosis market for the first time.

Brent Saunders, chief executive officer and president of Forest, said: "Today marks a new opportunity to draw on the strengths and talents of both companies and emerge as a stronger Forest."

Last month, Forest announced its financial results for the third quarter of its 2014 fiscal year, during which it achieved year-on-year growth of 24.9 percent.