Watson and Actavis Receive FTC Second Request

Published on Thursday, 12 July 2012 08:50 Written by TradersHuddle Staff

PARSIPPANY, N.J., July 12, 2012 /PRNewswire/ -- 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 Actavis 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 Actavis 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 fourth quarter of 2012.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets.

For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.

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; the receipt of required regulatory approvals for the Actavis acquisition transaction (including the approval of antitrust authorities necessary to complete the acquisition);  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 quarter ended March 31, 2012 and Watson's Annual Report on Form 10-K for the year ended December 31, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

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SOURCE Watson Pharmaceuticals, Inc.