Actavis will acquire Warner Chilcott plc in a stock-for-stock transaction valued at approximately $8.5 billion. If successfully completed, the transaction will create a global specialty pharmaceutical company with approximately $11 billion in combined annual revenue, and the third-largest US specialty pharmaceutical company with approximately $3 billion in annual revenues focused on core therapeutic categories of women's health, gastroenterology, urology, and dermatology. In dermatology, the company has one marketed product and has the expected commercial launch of a newly approved product in July 2013. Actavis and Warner Chilcott will be combined under a new company incorporated in Ireland, where Warner Chilcott is currently incorporated. The newly created company, which is expected to be called Actavis plc, or a variant thereof, will be led by the current Actavis leadership team. The close of the transaction is expected by year-end 2013.