DUBLIN -- Actavis (IW 1000/675), the U.S. drug firm based in Dublin, has agreed to buy Forest Laboratories (IW 500/211) for $25 billion creating a new force in several sectors, they announced on Tuesday.
"If successfully completed, the (shares and cash) transaction will combine two of the world's fastest-growing speciality pharmaceutical companies," they said.
The new group would have combined annual revenues of more than $15 billion anticipated for 2015," a joint statement said.
They said that a combined company would create blockbuster product franchises for treating the central nervous system, gastroenterology, women's health, urology and cardiovascular issues.
"Bolstered by one of the deepest and most diversified product portfolios in the industry with an exceptionally strong pipeline, this transaction creates a powerful engine for generating long-term, double-digit revenue and earnings growth," said Actavis chief executive Paul Bisaro.
The deal is worth $89.48 per Forest share, or $26.04 in cash and 0.3306 Actavis shares for each Forest stock.
Copyright Agence France-Presse, 2014