CORONA, Calif. and FT. LAUDERDALE, Fla., Oct. 31 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. 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 , 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.
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
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.
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