Watson Pharma changes name to Actavis Inc.

PARSIPPANY, N.J. (AP) -- Watson Pharmaceuticals Inc. said Thursday it has changed its name to Actavis Inc. following its purchase of the Swiss drugmaker in October.

As part of the change, the company's New York Stock Exchange ticker symbol switched to "ACT" from "WPI."

Watson agreed to buy Actavis Group in April for about $5.6 billion. It completed the deal on Oct. 31 and announced the planned name change on that date. The new Actavis is the third-largest generic drug company in the world and has about $8 billion in annual revenue.

Actavis shares rose 86 cents to $86.59 in morning trading. The stock has risen 46.5 percent since rumors about Watson buying Actavis began to circulate in March. The shares have been trading at all-time highs for months, peaking at $91.47 in late December.