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Watson to Acquire Arrow Group
Date:6/17/2009

- Arrow Will Expand Watson's Global Commercial Footprint

- Transaction Expected to be Accretive to Cash Earnings Per Share in 2010 Before Synergies

- Enhances Watson's Long Term Growth Profile

MORRISTOWN, N.J., June 17 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has entered into a definitive agreement to acquire privately held Arrow Group for $1.75 billion in cash and stock. The combination of Watson and Arrow will result in a global pharmaceutical company with over $3 billion in revenue, commercial operations in over 20 countries, and a robust product portfolio and pipeline. Watson expects the transaction to close in the second half of 2009, and be accretive to cash earnings per share in 2010 before synergies.

Arrow is one of the fastest growing generic pharmaceutical companies in the world, generating $647 million in revenues in 2008, representing a 67% organic compound annual growth rate since 2001. Arrow markets more than 100 molecules in over 20 different countries, including key markets such as Canada, France and the U.K. In addition, Arrow has an extensive pipeline that will be launched across multiple markets, including significant potential U.S. launches in each of the next three years. Arrow has approximately 1,000 employees worldwide, including more than 250 in R&D.

"The acquisition of Arrow will mark a significant milestone in realizing our strategic vision to expand our global footprint and leverage our assets across many developed and emerging markets around the world," said Paul Bisaro, President and Chief Executive Officer of Watson. "The combined company will have a global infrastructure and a strong product portfolio and pipeline which create significant opportunities for long term growth. Additionally, Arrow's
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SOURCE Watson Pharmaceuticals, Inc.
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