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Watson Announces Preliminary 2011 Non-GAAP Earnings of $4.75-$4.77
Date:1/24/2012

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Watson management also provided additional comment on the strategic acquisition of Ascent Pharmahealth Ltd.  "Watson completed the acquisition of Ascent Pharmahealth Ltd., the Australia and Southeast Asia generic pharmaceutical business of Strides Acrolab Limited for approximately AU$375 million," Bisaro noted.  "As a result of the acquisition, we are now the fifth largest generic pharmaceutical company in Australia.  We also become the largest generic company in Singapore, and gain an established commercial base in Malaysia, Hong Kong, Vietnam and Thailand."

"With this acquisition, Watson joins the leaders in the Australian pharmaceutical market, the 13th largest in the world.  The acquisition of Ascent also provides a successful business in Southeast Asia.  We have a larger portfolio of products and will gain a broader pipeline of products to support continued growth.  We anticipate a seamless and rapid integration of the Ascent businesses."

Update on Progesterone Vaginal Gel 8% ApplicationRegarding the vote by the FDA Advisory Committee for Reproductive Health Drugs, Bisaro noted that the Company was disappointed in the outcome and reiterated that the clinical studies supporting the application were conducted in accordance with a clinical plan agreed to by FDA prior to initiation and that the statistical analysis of the clinical data was based on a plan agreed to in advance by FDA.  He said Watson and Columbia Laboratories will continue to work with FDA over the next few weeks to pursue all options related to the approval of this critical therapy.

"On Monday, I spoke with FDA Commissioner Margaret Hamburg to personally express Watson's concern that the FDA staff left the Advisory Committee with no option but to question the efficacy of the product," Bisaro said. "I remain concerned that by applying after-the-fact metrics to the agreed upon program, FDA staff has placed the Agency in the posi
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SOURCE Watson Pharmaceuticals, Inc.
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