Watson Pharmaceuticals (WPI) Agrees to Acquire Portfolio of Generic Pharma Products Following Teva/Barr Merger

November 25, 2008 9:30 AM EST

Watson Pharmaceuticals, Inc. (NYSE: WPI) 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. (Nasdaq: TEVA) and Barr Pharmaceuticals, Inc. (NYSE: BRL). 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

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.

Watson Pharmaceuticals, Inc. engages in the development, manufacture, marketing, and distribution of branded and generic pharmaceutical products in the United States.

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