Watson to acquire generic drug maker

MORRISTOWN, N.J. Generic drug maker Watson Pharmaceuticals plans to acquire a privately held generic company.

Watson announced Wednesday that it would acquire Arrow Group for $1.75 billion, saying that the combination of the two companies would give it more than $3 billion in revenue, commercial operations in more than 20 countries and a larger product portfolio and pipeline. Arrow, which Watson called one of the fastest-growing generic pharmaceutical companies in the world, generated $647 million in revenues last year and has about 1,000 employees around the world.

“The acquisition of Arrow will mark a significant milestone in realizing our strategic vision to expand our global footprint and leverage our assets across many developed and emerging markets around the world,” Watson president and CEO Paul Bisaro said. “The combined company will have a global infrastructure and a strong product portfolio and pipeline, which create significant opportunities for long-term growth.”