PARSIPPANY, N.J., July 26, 2011 /PRNewswire/ — Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced a definitive agreement to acquire a portfolio of generic pharmaceutical products that are being divested as a result of the merger between Perrigo Company and Paddock Laboratories. The portfolio consists of six products, including four FDA-approved products and two undisclosed development-stage products. Commercialized products in the portfolio include:

Ciclopirox shampoo 1%
Ammonium Lactate Cream 12%
Ammonium Lactate Lotion 12%
Promethazine HCl Suppositories 12.5 and 25 mg

Perrigo will supply the products to Watson under a Manufacturing and Supply Agreement until manufacturing is transferred to Watson or a third party. Additional details, including financial terms, have not been disclosed.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing 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 Statement

Statements contained in this press release that refer to non-historical facts are forward-looking statements that reflect Watson’s current perspective of existing information as of the date of this release. It is important to note that Watson’s goals and expectations are not predictions of actual performance. Actual results may differ materially from Watson’s current expectations depending upon a number of factors, risks and uncertainties affecting Watson’s business. These factors include, among others, the difficulty of predicting the timing or outcome of product development efforts, including FDA and other regulatory agency approvals and actions, if any; the difficulty of predicting the timing or outcome of potential patent litigation concerning the acquired products and potential damages related thereto; the impact of competitive products and pricing; 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 and its third party manufacturers’ facilities, products and/or businesses; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; 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 quarterly report on form 10-Q for the quarter ended June 30, 2011 and Watson’s annual report on Form 10-K for the year ended December 31, 2010. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

SOURCE Watson Pharmaceuticals, Inc.