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Watson Acquires Ascent Pharmahealth for AU$375 Million
Date:1/23/2012

PARSIPPANY, N.J., Jan. 24, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) announced 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, and the combined company will be the second largest in terms of total molecules.  Watson 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 be immediately accretive to 2012 non-GAAP earnings.

Ascent markets a broad portfolio of generics, brands, branded-generic and over-the-counter (OTC) and dermatology and skin care products in Australia with approximately 14 percent market share. In the Southeast Asia market, Ascent markets branded-generics and OTC products, and is supported by a sales force of approximately 45 representatives.  The company employs approximately 300 employees in Australia and Southeast Asia.  Ascent's businesses in Australia and Southeast Asia had total sales of approximately AU$150 million in 2011.

"We are committed to expanding our international commercial operations into geographies where we can capitalize on our existing assets and participate in growing and emerging markets," said Paul Bisaro, Watson's President and CEO.  "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.  This acquisition complements our existing generic development and marketing capabilities in the important Australia market, and catapults us to a top five position that would have taken considerable time and inv
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SOURCE Watson Pharmaceuticals, Inc.
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