Mylan buys out Watson's shares of Somerset joint venture

CORONA, Calif., and PITTSBURGH Mylan has bought the remaining interest in its joint venture with Watson Pharmaceuticals, the two companies announced Monday.

Mylan acquired Watson’s 50 percent take in the Somerset Pharmaceuticals joint venture, a research and development firm formed in 1986, based in Tampa, Fla. Somerset will become a wholly owned subsidiary of Mylan, though details of the deal are confidential.

The two companies have jointly owned Somerset since 1988.

Somerset’s products include Emsam, a transdermal patch used to treat major depressive disorder that Bristol-Myers Squibb markets in the United States.