ADVFN - Advanced Financial Network.
HOME» NYSE » W » WPI Stock Price » WPI Stock News

Watson Share News

 Watson Pharmaceuticals, Inc. Stock Price
WPI Stock Price
 Watson Pharmaceuticals, Inc. Stock Chart
WPI Stock Chart
 Watson Pharmaceuticals, Inc. Stock News
WPI Stock News
 Watson Pharmaceuticals, Inc. Company Information
WPI Company Information
 Watson Pharmaceuticals, Inc. Stock Trades
WPI Stock Trades

INTERVIEW: Actavis CEO To Leave Company After Watson Integration

By Eyk Henning Of DOW JONES NEWSWIRES The chief executive of generic drug maker Actavis says he will stay with the Swiss company until its integration by U.S. peer Watson Pharmaceuticals Inc. (WPI) is completed early next year. "I will stay on board and help the integration until early next year, but my mission ends thereafter," Claudio Albrecht told Dow Jones Newswires in an interview Thursday. Albrecht, who formerly headed the German generic drug maker Ratiopharm, said he will probably remain active in the sector after that, but declined to comment on specific plans. Watson on Thursday formally said will acquire Actavis in a deal potentially valued at roughly EUR4.5 billion ($5.94 billion), which will give the U.S.-based group a boost in the global rankings of generic drug makers to No. 3. The deal is expected to close in the fourth quarter. Albrecht called the transaction a "win-win deal" as it more than doubles Watson's international access and strengthens its position in key established European markets as well as emerging growth markets, including Central and Eastern Europe and Russia. Albrecht joined Actavis as CEO in late 2009, turning the company around and growing sales by around 15% annually in the last two years, outperforming other players in the sector. "Watson saw our performance and thus approached us," Albrecht said. He said Actavis remains on track to grow sales and Ebitda by a further 15%. Albrecht said the turnaround at Actavis was achieved by centralizing the company, bringing in managers from outside the group and building research and development teams that shepherd copycat drugs from early research and development stages to launch. He foresees the current spate of M&A activity continuing. Albrecht expects the four largest players to either take over smaller rivals or the Tier 2 companies to merge among each other, potentially with the help of financial investors. As a role model, he pointed to Czech based Zentiva, which was taken private by equity firm Warburg Pincus (WBP.XX) in 2003 and subsequently snapped up Eastern European competitors before it was taken over by French drug heavyweight Sanofi S.A.(SAN.FR). The 'big four' generic drug makers are Teva Pharmaceuticals (TEVA), Swiss drug heavyweight Novartis AG's (NVS, NOVN.VX) Sandoz unit as well as the combination of Watson and Actavis, which will surpass the world's currently third-largest competitor Mylan Inc. (MYL). "Actavis will launch 20 generic drugs this year, with a copycat of Pfizers Lipitor being one of the largest ones," he said. By Eyk Henning, Dow Jones Newswires, +49(0)69 29725 108;

Stock News for Watson (WPI)
11/09/201215:37:51FDA Panel Splits on Merck Plan to Sell Bladder Drug Over-The-Counter
10/25/201214:46:46Mylan CEO Eyes Acquisitions Valued at More than $4 Billion
10/15/201218:00:11FTC Clears Watson-Actavis Deal, With Conditions
10/12/201217:05:43Watson Pharmaceuticals Gains FDA Approval for Two Generics
09/27/201216:18:30Jumbo Deals Push Monthly Corporate Bond Volume to $115 Billion
08/15/201211:00:29Watson Pharma Sues FDA
07/13/201209:21:00Watson Pharmaceuticals: FDA Approves Generic of Teva's Plan B...
07/10/201204:08:08Correction to Shire's Generic Adderall XR Approval Story On June...
06/27/201210:28:00West Virginia Attorney General Sues Drug Distributors in Pill...
06/25/201217:49:29Watson Seeks FDA Approval Of Generic Pristiq
06/25/201209:21:18Shire Sinks On Generic Adderall XR Approval But Rebound Seen
05/29/201214:13:08Mylan Launches Generic Version of Blockbuster Lipitor
04/27/201210:54:37Pharma M&A Surge Spurred By Necessity And Opportunity
04/26/201216:10:34US Stocks Climb As Housing Data Outweighs Weak Labor, Europe...
04/26/201211:27:59INTERVIEW: Actavis CEO To Leave Company After Watson Integration
04/25/201217:25:51Deutsche Bank Takes EUR257 Million Hit On Actavis-Watson Deal
04/24/201208:26:02Watson, Actavis To Unveil EUR4.5 Billion Merger Deal Wednesday

Watson Pharmaceuticals and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations