Watson Receives FTC Clearance for Andrx Acquisition
October 31 2006 - 4:02PM
PR Newswire (US)
- Companies Expect to Close the Transaction on November 3, 2006 -
CORONA, Calif. and FT. LAUDERDALE, Fla., Oct. 31
/PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE:WPI)
today announced that the Federal Trade Commission ("FTC") has
accepted a proposed consent order for public comment relating to
Watson's pending acquisition of Andrx Corporation (NASDAQ:ADRX),
and granted early termination of the Hart Scott Rodino waiting
period, thereby permitting the parties to close the transaction.
The parties have now obtained all regulatory approvals required to
close the transaction. Accordingly, the parties expect to
consummate the acquisition of Andrx by Watson on November 3, 2006.
Under the terms of a consent order with the FTC, Watson and Andrx
have agreed to the following conditions to complete the
acquisition: * Watson will terminate its agreement with Interpharm,
Inc. related to the distribution of Interpharm's hydrocodone
ibuprofen 7.5mg/200mg product. Interpharm will initiate direct
sales of the product upon the close of the transaction. * Andrx
will sell to Actavis Group hf its pending Abbreviated New Drug
Applications (ANDAs) for glipizide extended-release, 2.5, 5 and
10mg, and will assign to Actavis its rights under an existing
supply agreement with Pfizer, pursuant to which Andrx currently
distributes glipizide extended-release tablets manufactured by
Pfizer. * Teva Pharmaceuticals USA will acquire all of Andrx's
ownership interests in its portfolio of oral contraceptive
products. Teva currently holds exclusive marketing rights to such
products. Watson does not consider the marketed products to be
divested pursuant to the consent order to be material to Watson.
About Watson Watson Pharmaceuticals, Inc., headquartered in Corona,
CA, is a leading specialty pharmaceutical company that develops,
manufactures, markets and distributes branded and generic
pharmaceutical products. Watson pursues a growth strategy combining
internal product development, strategic alliances and
collaborations and synergistic acquisitions of products and
businesses. About Andrx Corporation Andrx is a pharmaceutical
company that: * develops and commercializes generic versions of
primarily controlled-release pharmaceutical products as well as
oral contraceptives, and selective immediate-release products; *
distributes pharmaceutical products, primarily generics, which have
been commercialized by others, as well as our own, primarily to
independent and chain pharmacies and physicians' offices; and *
develops and manufactures pharmaceutical products for other
pharmaceutical companies, including combination products and
controlled-release formulations. Cautionary Language Concerning
Forward-Looking Statements This press release contains
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act. All statements included in this press
release that address activities, events or developments that Watson
and Andrx expect, believe or anticipate will or may occur in the
future are forward-looking statements, including the expected
timing of the merger of the two companies and the expected
divestment of certain product lines. These statements are based on
certain assumptions made by Watson and Andrx based on their
experience and perception of historical trends, current conditions,
expected future developments and other factors they believe are
appropriate in the circumstances. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of Watson and Andrx. Any such projections or
statements include the current views of Watson and Andrx with
respect to future events and financial performance. No assurances
can be given, however, that these events will occur or that such
results will be achieved. There are a number of important factors
that could cause actual results to differ materially from those
projected, including the risks of pending or future litigation or
government investigations; and other risks described from time to
time in Watson's and Andrx's Securities and Exchange Commission
("SEC") filings including Watson's and Andrx's Annual Report on
Form 10-K for the year ended December 31, 2005 and Form 10-Q for
the period ended June 30, 2006. Watson and Andrx disclaim any
intent or obligation to update any forward-looking statements
contained herein, which speak as of the date hereof. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO)
http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO
http://photoarchive.ap.org/ DATASOURCE: Watson Pharmaceuticals,
Inc. CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc.,
+1-951-493-5611
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