Watson Pharmaceuticals and Andrx Corporation Receive FTC Second Request
May 03 2006 - 6:00AM
PR Newswire (US)
CORONA, Calif. and FORT LAUDERDALE, Fla., May 3
/PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE:WPI)
and Andrx Corporation (NASDAQ:ADRX) today announced that they have
each received a request for additional information from the Federal
Trade Commission ("FTC") in connection with Watson's pending
acquisition of Andrx. The companies intend to respond promptly to
the information request, which was issued under notification
requirements of the Hart.Scott.Rodino Antitrust Improvements Act of
1976, as amended ("HSR Act"). The effect of the second request is
to extend the waiting period imposed by the HSR Act until 30 days
after Watson and Andrx have substantially complied with the
request, unless that period is extended voluntarily by the parties
or terminated sooner by the FTC. 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 benefits of the merger of the two companies,
the financial performance of the combined company and the timing of
certain events. 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 receipt of required regulatory approvals
for the transaction (including the approval of antitrust
authorities necessary to complete the merger); the ability to
realize the anticipated synergies and benefits of the merger; 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. Watson and Andrx disclaim any intent or
obligation to update any forward-looking statements contained
herein, which speak as of the date hereof. Additional Information
about the Transaction and Where to Find It In connection with the
merger, Watson and Andrx intend to file relevant materials with the
SEC. In connection with the merger, on April 28, 2006, Andrx filed
a preliminary proxy statement with the SEC. Investors and security
holders of Watson and Andrx are urged to read Andrx's preliminary
proxy statement and the definitive proxy statement when it becomes
available. The preliminary proxy statement contains, and the
definitive proxy statement will contain, important information
about Watson, Andrx and the merger. The preliminary proxy
statement, the definitive proxy statement (when it becomes
available) and other relevant materials (when they become
available), and any other documents filed by Watson and Andrx with
the SEC, may be obtained free of charge at the SEC's web site at
http://www.sec.gov/. In addition, investors and security holders
may obtain free copies of the documents filed with the SEC by
Watson by directing a written request to: Watson Pharmaceuticals,
Inc. 311 Bonnie Circle, Corona, California 92880, Attention:
Investor Relations, or Andrx, 8151 Peters Road, Plantation, Florida
33324, Attention: Investor Relations. Investors and security
holders are urged to read the preliminary proxy statement,
definitive proxy statement and the other relevant materials when
they become available before making any voting or investment
decision with respect to the merger. Participants in Solicitation
Watson and Andrx and their respective directors, executive officers
and other members of their management and employees may be deemed
to be soliciting proxies from Andrx stockholders in favor of the
merger. Information regarding Andrx's directors and executive
officers is available in Andrx's annual report on Form 10-K/A for
the year ended December 31, 2005, which was filed with the SEC on
May 1, 2006. Information regarding Watson's directors and executive
officers is available in Watson's proxy statement for its 2006
annual meeting of stockholders, which was filed with the SEC on
April 4, 2006. Additional information regarding the interests of
such potential participants will be included in the proxy statement
and the other relevant documents filed with the SEC when they
become available. (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.; Andrx Corporation CONTACT: Patty Eisenhaur of Watson
Pharmaceuticals, Inc., +1-951-493-5611; or Allison Tomek of Andrx
Corporation, +1-954-382-7696 Web site: http://www.watsonpharm.com/
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