Watson Pharmaceuticals and Arrow Group Receive FTC Second Request
MORRISTOWN, N.J., Aug. 6 -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today announced that it has received a request for additional information from the Federal Trade Commission ("FTC") in connection with Watson's pending acquisition of privately held Arrow Group. The information request 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 Arrow Group have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. Watson intends to cooperate fully with the FTC's review and continues to expect the transaction to close in the second half of 2009.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is a global leader in the development and distribution of pharmaceuticals with a broad portfolio of generic products and a specialized portfolio of brand pharmaceuticals focused on Urology, Women's Health and Nephrology/Medical.
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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 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; 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, 2009.
SOURCE Watson Pharmaceuticals, Inc.