PITTSBURGH and CORONA, Calif., July 28 /PRNewswire-FirstCall/ -- Mylan Inc. (NYSE: MYL) and Watson Pharmaceuticals, Inc. (NYSE: WPI) announced today that Mylan has acquired Watson's 50 percent interest in the Somerset Pharmaceuticals, Inc. (Somerset) joint venture. Details of the transaction remain confidential.
Somerset, a proprietary research and development company located in Tampa, Florida, was formed in 1986, and since 1988, has been owned jointly by both Mylan and Watson. Somerset developed EMSAM(R), a transdermal patch for the treatment of major depressive disorder, currently marketed in the United States by Bristol-Myers Squibb. Somerset will become a wholly-owned subsidiary of Mylan.
Mylan Inc., with operations in more than 90 countries, ranks among the leading diversified generic and specialty pharmaceutical companies in the world. The company maintains one of the industry's broadest -- and highest quality -- product portfolios, supported by a robust product pipeline; owns a controlling interest in the world's second largest active pharmaceutical ingredient manufacturer and operates a specialty business focused on respiratory and allergy therapies. For more information about Mylan, please visit http://www.mylan.com.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes brand and generic 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 Mylan and Watson's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Mylan and Watson disclaim any intent or obligation to update these forward-looking statements. Actual results may differ materially from Mylan and Watson's current expectations depending upon a number of factors affecting Mylan and Watson's business. These factors include, among others, the impact of competitive products and pricing; market acceptance of and continued demand for Mylan and Watson's products; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Mylan and Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Mylan and Watson's Annual Report on Form 10-K for the year ended December 31, 2007.
SOURCE Mylan Inc.; Watson Pharmaceuticals, Inc.