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

-employee director.

"Due to the modest amount of additional debt needed to complete this transaction, we will continue to have flexibility to be opportunistic in business development initiatives for both our Generics and Brand businesses," Bisaro continued. "As previously announced, we expect the acquisition to be accretive to cash earnings per share in 2010 before synergies."

"The combination of these two highly successful companies with complementary geographies results in a company with strong commercial positions in such established markets as the U.S., Canada, the U.K., and France; a sound platform for growth in such solid markets as Australia, New Zealand, Brazil, Scandinavia and Germany; and opportunities for success in emerging markets of Central and Eastern Europe, Turkey, Japan and South Africa," Bisaro continued. "We also benefit from the Arrow management team's significant international legal/IP and regulatory expertise and an excellent record of patent challenge successes in multiple countries," Bisaro concluded.

Founded in 2000, Arrow Group has been one of the fastest growing generic pharmaceutical companies in the world, growing from $18 million in revenue in 2001 to more than $650 million in 2008 (CAGR of 67%). Over the past seven years, Arrow has invested more than $320 million in product research and development and markets more than 100 molecules, including more than 50 internally developed products. Arrow's product development activities are supported by state-of-the-art R&D centers in Melbourne, Australia and Toronto, Canada. As a result of the acquisition, Watson also acquires a 36% ownership interest in Eden Biodesign, a company which provides development and manufacturing services for early-stage biotech companies, which will provide a long-term foundation for generic biologics.

Watson will now have approximately 6,000 employees around the world. Arrow employs approximately 1,000 people, t
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SOURCE Watson Pharmaceuticals, Inc.
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