Watson acquires Specifar

PARSIPPANY, N.J. — Watson Pharmaceuticals has acquired Greek drug maker Specifar Pharmaceuticals for $562 million, the two companies said Wednesday.

Watson said that through the acquisition, it had gained a leading generic product development company that develops and out-licenses products throughout the world, while also enhancing its commercial presence in Europe.

In addition, Watson said, acquiring Specifar would give it a branded-generic presence in Greece’s pharmaceutical market. Specifar is among the top five companies in the Greek branded-generic market.

“We are very pleased that Specifar has become part of our global organization,” Watson president and CEO Paul Bisaro said. “We look forward to working with the management team to continue Specifar’s growth and to expand the opportunities for success within Watson.”