THE DEAL: Watson Pharmaceuticals Inc. said Wednesday that it will buy Swiss drugmaker Actavis for $5.6 billion, forming the third-largest generic drug company in the world.
GROWING: Watson is currently the fourth-largest maker of generic drugs. It had expected about $5.4 billion in revenue this year while Actavis had $2.5 billion in revenue in 2011. The Parsippany, N.J., company said it expects the purchase to close during the fourth quarter of 2012.
OVERSEAS MARKETS: Watson CEO Paul Bisaro said the deal will boost Watson's position in Russia and Central and Eastern Europe, and complement its products in the U.S.