Cobalt Pharmaceuticals is the Canadian member of The Arrow Group, an international company focused primarily on generic pharmaceutical products. On December 2, 2009, the Arrow Group was acquired by Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading U.S. based specialty pharmaceutical company with over $3 billion in annual revenues. The acquisition creates a global pharmaceutical company with operations in many of the world's established and growing markets, and a strong product portfolio and pipeline; creating significant opportunities for long-term growth. On October 31, 2012 Watson Pharmaceuticals announced the Global Generics management team, following the announcement of the completion of the acquisition of the Actavis Group for EUR 4.25 billion. The combination creates the world's third largest generic pharmaceutical company, with anticipated pro forma combined 2012 revenues in excess of $8 billion.