Watson To Buy Arrow Pharm For $1.55B

Arrow Pharmaceuticals, the UK pharmaceutical company has been acquired by Watson Pharmaceuticals, the US pharmaceutical company. Watson will pay $1.05 billion in cash and issue 16.9 million shares worth $500 million. The transaction is in line with Watson's strategy to expand into emerging markets. The deal is expected to close in the second half of 2009. Bank of America Merrill Lynch advised Watson Pharmaceuticals, JPMorgan advised Arrow.