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PARSIPPANY, N.J., and DUBLIN, Ireland — Actavis has formed a new board of directors with the completion of its acquisition of Warner Chilcott.
Actavis and Dublin-based Warner Chilcott closed the $8.5 billion stock-for-stock deal Tuesday and have combined under a new company incorporated in Ireland. The merged company has adopted the worldwide name Actavis plc. Shares of the new entity will trade on the New York Stock Exchange under the ticker symbol ACT.
Together, Actavis and Warner Chilcott form a global specialty pharmaceutical company with about $11 billion in total annual sales. It’s also the third-largest U.S. specialty pharmaceutical company, with about $3 billion in annual revenue, focused on the core therapeutic categories of women’s health, gastroenterology, urology and dermatology.
"The combination of Actavis and Warner Chilcott creates a premier specialty pharmaceutical leader under the Actavis Specialty Brands umbrella," stated Paul Bisaro, president and chief executive officer of Actavis. " This enhanced business segment is uniquely positioned to meet the health care needs of patients around the world, particularly as a leader in women’s health. The acquisition more than doubles Actavis’ specialty brands portfolio and delivers an industry-leading pipeline with more than 25 products in various stages of development."
On Wednesday, following the closing of the acquisition, Actavis plc formed a board of directors that will be effective until the next annual meeting of shareholders in May 2014.
Bisaro has been named chairman, and former Actavis Inc. chairman Andrew Turner has been named lead independent director.
The 13-member board includes seven former members of the Actavis Inc. board and one new member from Actavis management, four members of the former Warner Chilcott board, and one new independent director.
