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Watson Completes Acquisition of Arrow Group
Date:12/2/2009

MORRISTOWN, N.J., Dec. 2 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has completed the acquisition of Arrow Group for a combination of cash and stock. The purchase creates a financially strong, global specialty pharmaceutical company with over $3 billion in annual revenues and operations in more than 20 countries.

"There are several significant benefits to Watson shareholders as a result of this financially smart transaction. Watson gains a financially strong and profitable company; an expanded global commercial presence; an expanded portfolio of marketed products; a stronger combined product pipeline with access to substantial biopharmaceutical capabilities; and a geographically complementary manufacturing and distribution infrastructure that can be efficiently integrated into Watson's global supply chain," said Paul Bisaro, President and Chief Executive Officer of Watson.

Watson acquired the Arrow Group for a cash payment of $1.05 billion, and the issuance of 16.9 million shares of Watson common stock. Additionally, $200 million in the form of zero-coupon, non-convertible preferred shares was placed in escrow for the benefit of the Arrow shareholders. The preferred shares will be mandatorily redeemable in 2012. The cash portion of the transaction was funded using cash on hand and borrowings of $275 million under the Company's $500 million revolving credit facility. Borrowings under the revolving credit facility bear interest at LIBOR plus 0.75%. Shareholders of the parent of the Arrow Group will also receive additional contingent payments based on sales of the authorized generic version of Lipitor(R) (atorvastatin). Tony Tabatznik, one of the founders and a director of Robin Hood Holdings Limited, the parent of Arrow Group, joins Watson's Board of Directors as a non
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SOURCE Watson Pharmaceuticals, Inc.
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