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|FTC requests more information on Watson-Actavis deal|
Thursday, July 12th, 2012 at 1:15pm
(Reuters) - Watson Pharmaceuticals Inc said the Federal Trade Commission requested additional information regarding Watson's proposed acquisition of Swiss generic drug firm Actavis Group.
The request by the FTC, which looks into potential deals to see if there is any possibility of unfair competition that may result from the deal, will extend a waiting period on the firms until 30 days after they have complied with the request.
Watson had said in April that it would buy Actavis for at least 4.25 billion euros ($5.60 billion), in a deal that would bolster its place among one of the world's biggest generic drug firms and expand its international presence.
The company said it intends to cooperate fully with the FTC's review and continues to expect the deal to close in the fourth quarter of 2012.
Watson shares closed at $74.70 on the New York Stock Exchange on Wednesday.
(Reporting by Esha Dey in Bangalore; Editing by Joyjeet Das)