SALT LAKE CITY, June 22, 2011 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), today formally announced an approximately $44 million expansion of its Salt Lake City, Utah, Watson Laboratories, Inc. site. This facility is Watson's state-of-the-art pharmaceutical research, development and manufacturing facility for transdermal patches and topical gels. Governor Gary R. Herbert toured the facility and participated with Watson's President and Chief Executive Officer, Paul Bisaro, in ceremonies marking the expansion.
The Salt Lake City expansion includes retrofitting approximately 20,000 square feet of existing space and the construction of approximately 17,000 square feet of future manufacturing space. The Company anticipates the expansion could ultimately result in the addition of approximately 300 employees within the next 3-5 years. The expansion supports a potential tripling in annual manufacturing batch capacity to support future new products, including the generic version of the Lidoderm® transdermal pain management product, which the Company may launch as early as mid to late 2012. It will also support Watson's expansion of transdermal and topical gel products manufactured in Salt Lake City into select international markets.
"We are committed to expanding our presence in Salt Lake City, which is our center of excellence for the manufacture of brand and generic pharmaceutical products that utilize topical or transdermal patch drug delivery technologies. This expansion not only supports our near-term product manufacturing and packaging needs, but also positions us to more efficiently meet anticipated future consumer demand for products that are currently in various stages of development," said Paul Bisaro, President and CEO.
"This expansion is more than just bricks and mortar. We are investing in the creation of skilled manufacturing, packaging and quality control/quality assurance and other jobs that will create opportunities for the population of Salt Lake City and the surrounding areas. We are delighted to have Governor Herbert join us in commemorating Watson's significant investment in the future of our Company and in the future of the Salt Lake City community."
Watson's Salt Lake City facility is the headquarters for the Company's Global Brands research and development operations, with approximately 175 professionals involved in product development. In addition, the Salt Lake City facility manufactures and packages brand and generic transdermal patch and topical gel pharmaceutical products, and currently employs more than 200 people in manufacturing and operations.
About Watson Pharmaceuticals, Inc.Watson Pharmaceuticals, Inc. is a leading integrated global specialty pharmaceutical company. The Company is engaged in the development and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
Forward-Looking StatementStatements contained in this press release that refer to Watson's estimated or anticipated financial results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's product development activities, product introductions, product launch timing, and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the difficulty of predicting the timing or outcome of product development efforts and U.S. Food and Drug Administration (FDA) or other regulatory agency approvals or actions, if any; the difficulty of predicting the timing or outcome of patent litigation related to Watson's pending abbreviated new drug application for a generic version of the Lidoderm® transdermal pain management product, and risks that an adverse outcome in such litigation following its launch could render Watson liable for substantial damages; risks that competitors may seek to delay or prevent product approvals through legislative, regulatory or other means; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives, including the expansion of the Salt Lake City, Utah, site; the timing and success of product launches; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; changes in generally accepted accounting principles; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's annual report on Form 10-K for the period ended December 31, 2010, and Watson's quarterly report on Form 10-Q for the period ended March 31, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.
Lidoderm® is a registered trademark of Hind Healthcare, Inc.CONTACTS:Investors:Patty Eisenhaur(862) 261-8141Media:Charlie Mayr(862) 261-8030(Logo: http://photos.prnewswire.com/prnh/20100121/LA41294LOGO)
|SOURCE Watson Pharmaceuticals, Inc.|
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