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

ayment of $1.05 billion, and the issuance of approximately 16.9 million shares of Watson common stock valued at $500 million (based on Watson's trailing 5-day average stock price of $29.51), both paid at closing. The remaining $200 million will be paid in the form of zero-coupon preferred stock redeemable three years after closing of the transaction. Arrow shareholders will also receive additional contingent payments based on sales of the authorized generic version of Lipitor(R) (atorvastatin).

Watson intends to fund the cash portion of the consideration by using available cash and additional borrowings. The Company is evaluating options for longer term debt financing. The combined company expects to generate substantial free cash flow, enabling Watson to rapidly improve its balance sheet profile.

Approvals and Timing

The boards of directors of both Watson and Arrow have unanimously approved this transaction. The acquisition will be subject to customary conditions, including review by antitrust authorities.

Banc of America Merrill Lynch Securities is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to Watson. J.P. Morgan Securities, Inc. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Arrow.

Webcast and Conference Call Details

Watson will host a conference call for investors and analysts on June 17, 2009 at 10:00 a.m. Eastern Daylight Time to discuss the transaction. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. A taped replay of the call will be available by calling (800) 642-1687 with access pass code 15100688. The replay may be accessed from international locations by dialing (706) 645-9291 using the same pass code. This replay will remain in effect until midnight Eastern Daylight Time, July 17, 2009. In addition,
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SOURCE Watson Pharmaceuticals, Inc.
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