Actavis (ACT) says its Specialty Brands sales organization now has 750 U.S. sales professionals, down from 1,100 after the close of the Warner Chilcott acquisition.
Initially, there was "significant overlap in key areas," the unit's President says, adding that the company is "committed to supporting those professionals who were not selected as a result of this review process with appropriate severance benefits and support including outplacement services." (PR)
The FTC approves Actavis' (ACT) acquisition of Warner Chilcott (WCRX).
As part of the deal, ACT will divest Zenchent Fe, an application for a generic version of Lo Loestrin Fe, an application for a generic version of Atelvia, and an approved application for generic Loestrin 24 Fe. (PR)
Avanir Pharmaceuticals (AVNR +5.5%) enters into a settlement with Actavis (ACT) to resolve patent litigation that followed the latter's application to market generic versions of Avanir's Nuedexta treatment for pseudobulbar affect (PBA), a neurological condition that causes sufferers to laugh or cry uncontrollably,
Actavis will be allowed to start selling copycat Nuedexta from July 2026.
More on Actavis' (ACT) Q2: Revenue growth by segment: Actavis Pharma, +58%; Specialty Brands, +21%; Distribution, +14%. FY13 outlook: EPS of $8.15-8.50 on sales of ~$8.1B (Pharma, $6.3-6.5B; Specialty Brands, $550-600M; Distribution, $1-1.2B). Consensus is $8.32/ share on revenue of $8.04B. (PR)