AsianScientist (Jan. 24, 2012) – Watson Pharmaceuticals, Inc. announced today that it has acquired Ascent Pharmahealth Ltd., the Australia and Southeast Asia generic pharmaceutical business of Strides Arcolab Ltd., for AU$375 million in cash.
As a result of the acquisition, Watson becomes the fifth largest generic pharmaceutical company in Australia based on revenue. It also becomes the largest generics company in Singapore, gaining an established commercial base in Malaysia, Hong Kong, Vietnam, and Thailand.
Ascent markets a broad portfolio of generics, brands, branded-generic and over-the-counter (OTC) and dermatology and skin care products in Australia and Southeast Asia, with total sales of approximately AU$150 million in 2011.
“This acquisition immediately establishes Watson among the leaders in the AU$12 billion Australian pharmaceutical market, where the generic market is growing at approximately 8 percent,” said Paul Bisaro, Watson’s President and CEO.
“It also provides us with a leadership position in Southeast Asia, a region with more than 600 million consumers and overall annual generic sales of approximately AU$4 billion a year, which is projected to grow at more than 8 percent annually.”
Watson operates in the Australian marketplace through its subsidiaries, Spirit Pharmaceuticals and Willow Pharmaceuticals.
Source: Watson Pharmaceuticals, Inc.
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