Watson Receives FTC Clearance for Actavis Acquisition

News provided by

Watson Pharmaceuticals, Inc.

Oct 15, 2012, 05:17 ET

PARSIPPANY, N.J., Oct. 15, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that the Federal Trade Commission (FTC) has voted to approve Watson's acquisition of the Actavis group of companies.  The unanimous vote in support of the transaction follows Watson's agreement to a proposed consent order, pursuant to which Watson has agreed to divest certain products as a condition to obtaining FTC approval.  The parties have now obtained all regulatory approvals required to close the transaction.  Accordingly, the parties expect to consummate the acquisition in late October or early November.

Under the terms of the consent order with the FTC, Watson and Actavis have agreed to divest a number of marketed and pipeline products to Par Pharmaceutical Companies, Inc. and Sandoz.

Subject to the consummation of the transaction between Watson and Actavis, Par will acquire the following products:

  • Watson's Morphine Sulfate Extended Release Capsules
  • Actavis' Nifedipine Extended Release Tablets
  • Actavis' Metoclopramide Hydrochloride Tablets
  • Actavis' Fentanyl Transdermal Film
  • Actavis' Diltiazem Hydrochloride Extended Release Capsules
  • Watson's pending application for Adapalene/Benzoyl Peroxide Gel
  • Watson's pending application for Oxymorphone hydrochloride ER Tablets
  • Watson's pending application for Amphetamine Salts ER Tablets
  • Actavis' pending application for Rivastigmine Patch
  • Actavis' pending application for Glipizide Extended Release Tablets
  • Actavis' pending application for Varenicline Tartrate Tablets
  • Actavis' pending application for Oxycodone Hydrochloride Extended Release Tablets
  • Actavis' pending application for Ursodiol Tablets
  • Actavis' development stage Methylphenidate Hydrochloride Extended Release Tablets

Subject to the consummation of the transaction between Watson and Actavis, Sandoz will acquire the following products:

  • Actavis' Bupropion Hydrochloride 150 mg. Extended Release Tablets
  • Actavis' Lorazepam Tablets
  • Actavis' Diltiazem Hydrochloride Extended Release Capsules
  • Watson's pending application for Dextromethorphan Hydrobromide /Quinidine Sulfate

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. The Company is also developing biosimilar products in Women's Health and Oncology.  Additionally, Watson distributes generic and branded pharmaceuticals through its Anda, Inc. distribution business.  Watson has operations in many of the world's established and growing international markets.

For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.

Forward-Looking Statement

Any statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the uncertainty associated with the successful and timely consummation and subsequent integration of the Actavis acquisition and the ability to recognize the anticipated synergies and benefits of the Actavis acquisition; the receipt of required final regulatory approvals for the Actavis acquisition transaction, including the approval of the FTC, necessary to complete the acquisition; risks of fluctuations in foreign currency exchange rates; and other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Quarterly Report on Form 10-Q for the period ended June 30, 2012 and Watson's Annual Report on Form 10-K for the period ended December 31, 2011.

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CONTACTS:

Investors:
Lisa DeFrancesco
(862) 261-7152

Media:
Charlie Mayr
(862) 261-8030

(Logo: http://photos.prnewswire.com/prnh/20100121/LA41294LOGO )

SOURCE Watson Pharmaceuticals, Inc.

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