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Mylan Announces Extension of Tender Offers for Its 5.750% Senior Notes due 2010 and 6.375% Senior Notes due 2015

PITTSBURGH, Sept. 28 /PRNewswire-FirstCall/ -- Mylan Laboratories Inc. (NYSE: MYL) ("Mylan") announced today that it has extended the expiration time of each of its previously announced cash tender offers and consent solicitations for its 5.750% Senior Notes due 2010 (CUSIP No. 628530AE7) (the "2010 Notes") and 6.375% Senior Notes due 2015 (CUSIP Nos. 628530AF4, 628530AC1) (the "2015 Notes" and, together with the 2010 Notes, the "Notes"), which are being conducted pursuant to the terms and subject to the conditions described in the Offer to Purchase and Consent Solicitation Statement and related Letter of Instructions dated August 31, 2007 (collectively, the "Offer to Purchase"). As a result of the extensions, each of the tender offers will now expire at 10:00 a.m., New York City time, on October 2, 2007, unless Mylan chooses to again extend or to terminate any tender offer as provided in the Offer to Purchase.

As previously announced, Mylan is making the tender offers in connection with the consummation of its proposed acquisition of Merck's generic pharmaceutical business pursuant to a Share Purchase Agreement, dated May 12, 2007, between Mylan and Merck Generics Holding GmbH, Merck S.A., Merck Internationale Beteiligung GmbH and Merck KGaA (the "Transaction"), and certain financing arrangements being entered into to fund such acquisition. The extensions have been made because the closing of the Transaction, which is a condition to the tender offers, is now expected to occur on October 2, 2007.

As of 5:00 p.m., New York City time, on September 27, 2007, Mylan had received tenders of Notes and deliveries of related consents for approximately $147.5 million in aggregate principal amount of the 2010 Notes, representing 98.31% of the outstanding 2010 Notes, and $349.8 million in aggregate principal amount of the 2015 Notes, representing 99.94% of the outstanding 2015 Notes. Notes tendered may not be withdrawn, and consents given may not be revoked, unless the applicable tender offer is terminated without any Notes being purchased.

Mylan's obligation to accept, and pay for, Notes of a series validly tendered pursuant to a tender offer is conditioned upon the satisfaction or waiver of various conditions, including consummation of the Transaction and certain general conditions described in the Offer to Purchase.

The complete terms and conditions of the tender offers and consent solicitations are described in the Offer to Purchase, copies of which may be obtained by contacting Global Bondholder Services Corporation, the information agent for the tender offers and consent solicitations, at (866) 804-2200 (toll-free). Questions regarding the tender offers and consent solicitations may be directed to the Dealer Managers and Solicitation Agents for the tender offers and consent solicitations, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which may be contacted at (212) 449-4914 (collect) or (888) 654- 8637 (toll-free), and Citigroup Global Markets Inc., which may be contacted at (212) 723-6106 (collect) or (800) 558-3745 (toll-free).

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities. The tender offers and consent solicitations are being made solely by Mylan's Offer to Purchase, as the same may be amended or supplemented by Mylan.

SOURCE Mylan Laboratories Inc.
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