Watson Announces Formation of Global Integration Management Office to Support Pending Actavis Acquisition
- Marc Lehnen, Ph.D., Named Senior Vice President, Global Integration Management
PARSIPPANY, N.J., May 9, 2012
PARSIPPANY, N.J., May 9, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has created a Global Integration Management Office, reporting directly to Paul M. Bisaro, President and Chief Executive Officer, and focusing on planning and implementing the integration of Actavis, following the announcement of Watson's intention to acquire the Zug, Switzerland-based company. Marc Lehnen, Ph.D., has been designated to lead the Global Integration Management Office in the newly created position of Senior Vice President, Global Integration Management. Dr. Lehnen will join Watson effective July 1, 2012, and report to Mr. Bisaro.
"Watson is committed to integrating the combined assets of our Company and Actavis as rapidly and as seamlessly as possible, to recognize the combined potential of the global organization, and to implement appropriate planning and execution processes to capitalize on the potential synergies that will result from this combination," said Bisaro. "We were very pleased to recruit Marc from McKinsey & Company, Inc. to lead the Integration Management Office. Marc has years of experience in the generic industry and knows our culture and way of operating. Marc will be charged with identifying members of senior management across the organizations to support the global integration of the two companies, and developing and executing the strategies necessary to bring Watson and Actavis together following the close later this year. Although Marc does not formally join our Company until July, he will nevertheless be involved in the integration planning during this interim period."
Dr. Lehnen will join Watson in this newly created position following ten years with McKinsey & Company, Inc. Dr. Lehnen started at McKinsey in Germany in 2002 and became Partner in 2009. During his tenure and as Member of the European Health Care Practice, he worked exclusively in the healthcare space with a strong focus on the pharmaceutical and generic industry, where he covered a broad variety of topics, functions and geographies. Prior to joining McKinsey, he served as Research Fellow and Assistant Teacher at the Institute of Business Administration and Organizational Design at the University of Cologne.
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. The Company is also developing biosimilar products in Women's Health and Oncology. Additionally, Watson distributes generic and branded pharmaceuticals through its Anda, Inc. distribution business. 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.
Statements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, the statements in this press release relating to expected or anticipated benefits of the Actavis acquisition, the future financial performance of the combined company, cost synergies, future tax rates, the pay down of debt obligations, and the closing of the transaction are forward-looking statements. 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 affecting Watson's business, Actavis' business and risks associated with acquisition transactions. These factors include, among others, the inherent uncertainty associated with financial projections; successful close and subsequent integration of the Actavis acquisition and the ability to recognize the anticipated synergies and benefits of the Actavis acquisition; the anticipated size of the markets and continued demand for Watson's and Actavis' products; the impact of competitive products and pricing; the receipt of required regulatory approvals for the transaction (including the approval of antitrust authorities necessary to complete the acquisition); access to available financing (including financing for the acquisition) on a timely basis and on reasonable terms; risks of fluctuations in foreign currency exchange rates; the risks and uncertainties normally incident to the pharmaceutical industry, including product liability claims and the availability of product liability insurance; the difficulty of predicting the timing or outcome of pending or future litigation or government investigations; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and regulatory agency approvals or actions, if any; market acceptance of and continued demand for Watson's and Actavis' products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with governmental regulations applicable to Watson's and Actavis' facilities, products and/or businesses; changes in the laws and regulations, 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 March 31, 2012 and Watson's Annual Report for the year ended December 31, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.