Watson and Andrx extend merger timeline

US drugmakers Watson Pharmaceuticals and Andrx Corp say that they have entered into an amendment to their March 12, 2006, definitive merger agreement (Marketletter 20) pursuant to which, subject to certain conditions, the deadline to close the transaction has been extended from September 12 until November 13. The amendment will allow the parties additional time to confer with the Federal Trade Commission, which has the right to review the merger under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

On May 3, the companies announced that they had each received a request for additional information from the FTC in connection with Watson's $1.9 billion pending acquisition of Andrx. The companies continue to work closely with the FTC in response to the request, they said.