Actavis Inc., the largest U.S. maker of generic drugs by market value, agreed to acquire Warner Chilcott Plc for about $5 billion excluding net debt in a deal to expand in women’s health and urology.

Warner Chilcott investors will receive 0.16 shares of new Actavis stock for each Warner Chilcott share they own, Parsippany, New Jersey-based Actavis said in a statement today. The agreement currently values each Warner Chilcott share at $20.08, a 4.5 percent premium over the stock’s closing price on May 17. Including Warner Chilcott’s more than $3 billion in net debt, the total value of the acquisition is about $8.5 billion.

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