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CORONA, Calif. - Watson Pharmaceuticals Inc. said Tuesday it will pay $36 million for a portfolio of generic drugs from rival Teva Pharmaceutical Industries Ltd., as that company closes its buyout of Barr Pharmaceuticals Inc.
Under the deal, Watson will pay $36 million upfront to Israel-based Teva for 17 products, including a diabetes drug and antidepressant. The deal also includes future milestone payments, and Teva will supply the products to Watson under a manufacturing deal.
Teva, the world's largest generic drugmaker, has to sell the portfolio of products in order to comply with antitrust regulations. It is in the process of buying its rival Barr, for $7.5 billion. On Friday, Barr shareholders approved the deal, and the companies plan to close the buyout before the end of the year.
"These products represent a sound complement to our extensive generics portfolio," Watson President and Chief Executive Paul Bisaro said in a statement.
He said the new generics will have immediate value and the company will begin to see a benefit in 2009.
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