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Watson Completes Arrow Buyout

Drug developer Watson Pharmaceuticals said Wednesday it closed its $1.75 billion buyout of Arrow Group after receiving Federal Trade Commission clearance.

MORRISTOWN, N.J. (AP) -- Drug developer Watson Pharmaceuticals Inc. said Wednesday it closed its $1.75 billion cash and stock buyout of privately held Arrow Group after receiving Federal Trade Commission clearance for the deal.

The FTC approval was the last regulatory clearance needed to close the buyout.

In June, Watson said it would buy the smaller generic drug maker as part of a move to gain access to a promising drug candidate pipeline and new markets. At the time, Watson said the combined company would have about $3 billion in annual revenue and do business in more than 20 countries.

Shares of Watson rose 50 cents to $38.05 in afternoon trading.

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