It was four months ago that a definitive agreement was announced in which Actavis (NYSE: ACT) would acquire specialty pharma manufacturer Warner Chilcott (NASDAQ: WCRX) in an $8.5 billion, all-stock deal. The two companies said today in a statement that they have received approval from the Irish High Court, the last regulatory hurdle needed to move forward. Warner Chilcott is based in Dublin, Ireland. Actavis is based in New Jersey.
The Irish High Court's approval announced today followed Friday's news that the U.S. Federal Trade Commission voted to approve the deal, subject to certain conditions. Actavis, as a condition of its FTC approval, said it has agreed to divest itself of four generic drugs, which will revert to Amneal Pharmaceuticals. The drugs are the generic forms of Femcon Fe, Lo Loestrin Fe, Atelvia, and Loestrin 24 Fe.
According to today's statement, the only remaining steps before finalizing the deal are the "satisfaction of other customary closing conditions." The transaction is expected to close shortly after those conditions are addressed, the companies said.