Watson Enters Into Agreement to Acquire Products Related to Teva's Proposed Acquisition of Barr
CORONA, Calif., November 25, 2008 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. , a leading specialty pharmaceutical company, today announced a definitive agreement to acquire a portfolio of generic pharmaceutical products that are being divested as a result of the proposed merger between Teva Pharmaceutical Industries, Ltd. and Barr Pharmaceuticals, Inc. The closing of the product acquisition is contingent upon the consummation of Teva's merger with Barr.
The portfolio of products consists of 17 products, including 15 FDA-approved products and 2 development-stage products. Key products in the portfolio include:
Cyclosporine Capsules and Liquid Desmopressin Acetate Tablets Glipizide/Metformin HCl Tablets Mirtazapine Orally Disintegrating Tablets Metoclopramide HCl Tablets
"These products represent a sound complement to our extensive generics portfolio," said Paul Bisaro, President and Chief Executive Officer of Watson. He added, "We anticipate these new generics will have immediate value that we will begin to realize in early 2009."
Under the terms of the agreement, Watson will acquire the portfolio of products for an upfront payment of $36 million and will make additional payments to Teva when certain milestones are met on the development-stage products. Teva will supply the products to Watson under a Manufacturing and Supply Agreement until manufacturing is transferred to Watson or a third party.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes generic and specialty brand pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses.
For press releases and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
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 difficulty of predicting the timing of the consummation of the merger between Teva Pharmaceutical Industries, Ltd. and Barr Pharmaceuticals, Inc.,; potential delays caused by the need to obtain regulatory approvals and actions, including the requirement for the Federal Trade Commission to approve the merger between Teva and Barr and the sale of the subject products to Watson Laboratories, Inc.; the impact of competitive products and pricing; market acceptance of and continued demand for Watson's products; difficulties or delays in manufacturing; the difficulty of predicting the timing or outcome of FDA or other regulatory agency approvals or actions, if any; patents and other intellectual property rights of third parties and the uncertainty of the outcome of any litigation related to such patents or intellectual property rights; 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 Annual Report on Form 10-K for the year ended December 31, 2007.
CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc., +1-951-493-5611
Web site: http://www.watson.com/
Ticker Symbol: (NYSE:WPI)
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Posted: November 2008