 On October 1, 2013, Actavis acquired Irish pharmaceutical company Warner Chilcott PLC (previously known as Galen) in a stock-for-stock transaction valued at approximately $8.5 billion.The combination created a company with approximately $10 billion in anticipated combined annual 2013 revenue, and the third-largest US specialty pharmaceutical company with approximately $3 billion in annual revenue focused on the core therapeutic categories of women's health, urology, gastroenterology and dermatology.In association with the merger the company relocated its corporate headquarters to Ireland while maintaining its operational headquarters in Parsippany, taking advantage of the lower (17% vs. 35% in the United States) Irish corporate tax rate.