Pharmaceutical company Watson Pharmaceuticals Inc ( stated on Wednesday that the company has started an underwritten public offering of 10,537,755 shares of its common stockunder its shelf registration statement filed with the Securities and Exchange Commission.
These 10,537,755 shares of its common stock are reportedly held by Quiver Inc (selling stockholder).
The selling stockholder acquired its shares of Watson common stock in connection with the latter's acquisition of the Arrow Group.
Watson said it will not receive any proceeds from the secondary offering and its total number of shares of common stock outstanding will not change.
JP Morgan Securities LLC is acting as sole book-running manager and underwriter for the offering.
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