24 January 2012 - Watson Pharmaceuticals Inc (NYSE:WPI) said on Tuesday that it had paid AUD375m (USD394m/EUR302m) for Ascent Pharmahealth Ltd, the generics subsidiary of Strides Arcolab Ltd (BOM:532531) focused on Australia and Southeast Asia.

The acquisition makes Watson Australia's fifth largest generic pharmaceutical company in terms of revenue and the second largest in terms of total molecules. The newly merged company will also be the largest generics group in Singapore and will have established commercial presence in Malaysia, Hong Kong, Vietnam and Thailand.

The AUD375m in cash Watson paid for Ascent Pharmahealth came from Watson's own cash reserves and borrowings from its revolving credit facility.

(AUD1 = USD1.051/EUR0.807)