Actavis has completed the acquisition of Forest Laboratories, in a cash and equity transaction currently valued at approximately $28 billion. The combination creates one of the world’s fastest-growing speciality pharmaceutical companies, with annual revenues of more than $15 billion anticipated for 2015.
In conjunction with the close of the acquisition, Paul Bisaro, formerly Chairman and Chief Executive Officer, Actavis, has been named to the position of Executive Chairman of Actavis; Brent Saunders, formerly Chief Executive Officer and President, Forest, has been named as the Chief Executive Officer and President of Actavis; Robert Stewart, formerly President, Global Operations for Actavis, has been named Chief Operating Officer; Bill Meury, formerly Executive Vice President, Sales and Marketing for Forest, has been named Executive Vice President Commercial, North American Brands; and David Buchen, formerly Actavis’ Chief Legal Officer, has been named Executive Vice President Commercial, North American Generics and International.
“The combination of Actavis and Forest creates an innovative new model for success in the global speciality pharma industry, built to compete within today’s evolving healthcare landscape,” said Brent Saunders, Chief Executive Officer and President, Actavis. “Our business model is driven by a broad portfolio of strong brand, generic and OTC products, a commitment to development-focused, result-oriented research and development and the size and scale needed to efficiently and cost-effectively meet the needs of our global customer base. The new Actavis is uniquely positioned to deliver exceptional long-term financial performance and expand access to pharmaceutical products for patients around the world.”
EP News Bureau – Mumbai