Forest Laboratories said on Wednesday that it had agreed to buy Aptalis, a privately held drug maker, for $2.9 billion in cash.
Aptalis, based in Bridgewater, N.J., produces treatments for cystic fibrosis and gastrointestinal disorders, among other things. It had sales of $668 million in its fiscal year, which ended in  September.
It is the biggest acquisition by Forest â€" which makes Namenda for Alzheimer’s disease and Linzess for the treatment of irritable bowel syndrome, among other drugs â€" since it bought Clinical Data for $1.2 billion in 2011, according to the research service Standard & Poor’s Capital IQ. It is also the first acquisition for Forest’s new chief executive, Brenton L. Saunders.
Aptalis was Axcan Pharma when it was bought out by the private equity firm TPG for $1.3 billion in 2007. TPG merged the business with Eurand Pharmaceuticals in 2011.
Forest said that it expected to use cash on hand and debt to finance the deal. It has a secured commitment for a $1.9 billion bridge facility.
Morgan Stanley advised Forest. Debevoise & Plimpton and Cleary Gottlieb Steen & Hamilton served as Forest’s legal advisers. JPMorgan Chase and the law firm Ropes & Gray advised Aptalis.
