Actavis, Warner Chilcott Receive FTC Clearance for Actavis' Proposed Acquisition of Warner Chilcott
Actavis, Inc. (NYSE: ACT) and Warner Chilcott plc (NASDAQ: WCRX) today announced that the U.S. Federal Trade Commission (FTC) has voted to approve Actavis' proposed acquisition of Warner Chilcott. The vote in support of the transaction follows Actavis' agreement to a proposed consent order, pursuant to which Actavis has agreed to divest certain products as a condition to obtaining FTC approval. The closing of the transaction remains subject to approval by the Irish High Court and other customary closing conditions, and is expected to occur as soon as practicable after satisfaction of those conditions.
Under the terms of the consent order with the FTC and subject to the consummation of the transaction between Actavis and Warner Chilcott, Actavis will divest four products to Amneal Pharmaceuticals. Terms of the divestitures were not disclosed. The divested products are:
Actavis' Zenchent Fe™ (norethindrone acetate/ethinyl estradiol), a generic version of Femcon Fe™
Actavis' pending application for norethindrone acetate/ethinyl estradiol, a generic version of Lo Loestrin® Fe. This product application remains subject to pending patent litigation pursuant to the provisions of the Hatch Waxman Act
Actavis' pending application for risedronate sodium, a generic version of Atelvia®. This