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Leiner Enters Into Asset Purchase Agreement With NBTY
Date:6/10/2008

CARSON, Calif., June 10 /PRNewswire/ -- Leiner Health Products Inc. ("Leiner" or "the Company") today announced that it has conducted and concluded an auction, which resulted in the Company entering into an Asset Purchase Agreement (the "Agreement") for the sale of substantially all of its assets to NBTY, Inc. ("NBTY") for a purchase price of $371 million plus the assumption of certain liabilities and purchase price adjustments. Leiner estimates that the resulting consideration will be in excess of $400 million. The auction was conducted Monday, June 9, 2008 pursuant to procedures established by the Bankruptcy Court.

The purchase price will be adjusted based upon the actual net working capital transferred at closing and actual cure cost paid to parties to certain contracts that Leiner will assume and assign to NBTY.

"Leiner is extremely pleased to have entered into a purchase agreement with NBTY," said President and Chief Executive Officer Rob Reynolds. "We are very encouraged to have an agreement that contemplates that substantially all of our employees will receive employment offers from NBTY."

Mr. Reynolds continued, "We would also like to thank Leiner's dedicated employees and customers, who have remained committed to the future success of our business. In addition, the expert guidance and counsel from our advisors was crucial to the success of this process."

The transaction is subject to regulatory and other customary closing conditions and must be approved by the United States Bankruptcy Court for the District of Delaware. The hearing to approve the transaction is scheduled for June 11, 2008. The transaction is expected to close no later than September 2008.

Houlihan Lokey Howard & Zukin and Alvarez & Marsal are serving as financial advisors to Leiner and Kirkland & Ellis LLP is serving as a legal advisor with respect to the bankruptcy.

Additional information can be obtained from the Company's website at '/>"/>

SOURCE Leiner Health Products Inc.
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