Watson Pharmaceuticals Inc said it has agreed to purchase Ascent Pharmahealth Ltd, the Australia and Southeast Asia generic pharmaceutical business of India's Strides Arcolab Ltd, for A$375 million ($395.61 million) in cash.After the deal, Watson said it becomes the fifth largest generic pharmaceutical company in Australia based on revenue.The company also becomes the largest generics company in Singapore and gains an established commercial base in Malaysia, Hong Kong, Vietnam and Thailand.Watson expects the transaction to immediately add to 2012 non-GAAP earnings.
Watson Pharmaceuticals, Inc. (Watson) is an integrated global pharmaceutical company engaged in the development, manufacturing, marketing, sale and distribution of generic and brand pharmaceutical products. Shares of WPI fell by 1.6% or $-0.93/share to $57.21. In the past year, the shares have traded as low as $53.46 and as high as $73.35. On average, 1697800 shares of WPI exchange hands on a given day and today's volume is recorded at 3882847.
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