Federal Trade Commission requests more information in Watson's acquisition of Andrx

By E. Janene Geiss

Philadelphia, May 3 - Watson Pharmaceuticals, Inc. and Andrx Corp. announced Wednesday that they have each received a request for additional information from the Federal Trade Commission in connection with Watson's pending acquisition of Andrx.

The companies said they intend to respond promptly to the information request, which was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, according to a company news release.

The effect of the second request is to extend the waiting period imposed by the Act until 30 days after Watson and Andrx have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC, officials said.

Watson Pharmaceuticals and Andrx announced in March that Watson had agreed to acquire all outstanding shares of Andrx common stock for $25.00 per share, or a total price of roughly $1.9 billion in cash.

Watson is a Corona, Calif., specialty pharmaceutical company that develops, manufactures and distributes branded and generic drugs.

Andrx is a Fort Lauderdale, Fla., pharmaceutical company that develops, commercializes and distributes generic drugs.

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