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EXHIBIT (a)(1)(I)
For Immediate Release
WATSON ANNOUNCES EXPIRATION OF HART-SCOTT-RODINO WAITING PERIOD FOR SCHEIN
PHARMACEUTICAL ACQUISITION
CORONA, CA - June 21, 2000 - Watson Pharmaceuticals, Inc. (NYSE: WPI) announced
today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act has expired, allowing Watson to proceed with its proposed acquisition of
Schein Pharmaceutical, Inc. (NYSE: SHP).
As previously announced, pursuant to its merger agreement with Schein,
Watson commenced a tender offer on June 6, 2000 to purchase all of the
outstanding shares of Schein for $19.50 per share. The offer is conditioned
upon, among other things, the valid tender of at least 24,500,000 shares of
Schein common stock or approximately 74% of the outstanding shares of Schein.
The tender offer is scheduled to expire at midnight, New York City Time, on
Monday, July 3, 2000, unless the offer is extended. Following consummation of
the tender offer, the merger agreement provides for the acquisition by Watson of
the remaining shares of Schein in a merger between Schein and a wholly owned
subsidiary of Watson. The tender offer is expected to close in early July of
this year, while the merger is expected to close in September of this year.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is engaged in
the development, manufacture and sale of proprietary and off-patent
pharmaceutical products. Watson's proprietary business currently enjoys a
top-tier position in the fields of dermatology and women's health, with a
supporting business in the general products segment. Its generic portfolio
consists of more than 90 products, three tentative product approvals and 16
products pending approval. Watson capitalizes on its proven ability to support
the development and commercialization of a broad range of proprietary and
off-patent pharmaceutical products.
Schein Pharmaceutical, Inc., headquartered in Florham Park, NJ, has a
diverse portfolio of both brand and generic products. Schein integrates its
product development expertise, its diverse, high-volume production capacity and
direct sales and marketing force to capitalize on the commercialization of
products. Schein's brand products group has developed an expertise in the
management of anemia in nephrology and seeks to expand that expertise to other
therapeutic areas, including iron management. In addition, Schein develops,
manufactures, and markets a broad generic product line. Schein manufactures
approximately 100 products, five tentative product approvals and 11 products
pending approval. Schein seeks to enhance its internal
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product development, manufacturing and marketing efforts through various
strategic collaborations.
This press release contains certain statements of a forward-looking nature
relating to future events or future business performance. Any such statements
that refer to Watson's or Schein's estimated or anticipated future results,
product development efforts or performance or other non-historical facts are
forward-looking and reflect each company's current perspective of existing
trends and information. Such forward-looking statements involve risks and
uncertainties that cannot be predicted or quantified and, consequently, actual
results may differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, among others, risks related to
the consummation of the proposed acquisition, risks associated with the
integration of the Watson and Schein businesses after consummation of the
proposed acquisition, and such other risks and uncertainties detailed in each
company's filings with the Securities and Exchange Commission.
This release and past press releases of Watson Pharmaceuticals, Inc. are
available at Watson's web site at http://www.watsonpharm.com. In addition,
Watson's press releases are available through PR Newswire's Company News On-Call
fax service at (800) 758-5804, extension 112856, and at
http://www.prnewswire.com.
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