ADRX Andrx

CORONA, Calif., Oct. 18 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE:WPI) today announced that it has certified to the Federal Trade Commission (FTC) that it believes it is in substantial compliance with the FTC's May 1, 2006 request for additional information (also known as a second request). The FTC issued the second request in connection with its review of Watson's pending acquisition of Andrx Corporation (NASDAQ:ADRX) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). Andrx had previously submitted its certificate of substantial compliance. Based on Watson's submission of its certificate of substantial compliance, Watson believes the waiting period imposed under the HSR Act will expire at 11:59 p.m. (EST) on November 6, 2006. Watson has, however, requested FTC approval of the transaction prior to the expiration of the waiting period. Accordingly, Watson expects to close the transaction in early November 2006. About Watson Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is a leading specialty pharmaceutical company that develops, manufactures, markets and distributes branded and generic pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses. Cautionary Language Concerning Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Securities Litigation Reform Act. All statements included in this press release that address activities, events or developments that Watson and Andrx expect, believe or anticipate will or may occur in the future are forward-looking statements, including the expected actions to be taken by the Federal Trade Commission and the expected closing date of Watson's acquisition of Andrx. These statements are based on certain assumptions made by Watson and Andrx based on their experience and perception of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Watson and Andrx. Any such projections or statements include the current views of Watson and Andrx with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such results will be achieved. There are a number of important factors that could cause actual results to differ materially from those projected, including the receipt of required regulatory approvals for the transaction (including the approval of antitrust authorities necessary to complete the merger); the risks of pending or future litigation or government investigations; and other risks described from time to time in Watson's and Andrx's Securities and Exchange Commission ("SEC") filings including Watson's and Andrx's Annual Report on Form 10-K for the year ended December 31, 2005 and Form 10-Q for the period ended June 30, 2006. Watson and Andrx disclaim any intent or obligation to update any forward-looking statements contained herein, which speak as of the date hereof. (Logo: http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO ) http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO http://photoarchive.ap.org/ DATASOURCE: Watson Pharmaceuticals, Inc. CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc., +1-951-493-5611

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