Forest Laboratories Announces Rule 144 Sale by Executive Officer
Public Company Information:
Forest Laboratories, Inc. (NYSE: FRX), a U.S.-based pharmaceutical company, today announced that Howard Solomon, Chairman and Chief Executive Officer, has filed an SEC Form 144 in connection with a sale executed today of 3,500,000 shares of Forest Laboratories, Inc. common stock and the exercise and sale of options covering 800,000 shares. The shares directly owned were acquired from the exercise of options originally granted between the years of 1985 to 1995, while the options were originally granted in December 1997 and would have expired this December. Mr. Solomon, 79, will continue to directly own approximately 770,000 shares of Forest Laboratories, Inc. common stock and will continue to hold options covering 5,600,000 shares, most of which were obtained more than two years ago.
Relating to the transaction Mr. Solomon commented: "I have reached an age when it is necessary for me to further an estate plan that properly provides for my family and causes that I support. These share dispositions are being undertaken solely for those purposes. My remaining substantial equity position reflects my commitment to continue to maintain my current active role at Forest and my confidence that Forest's business plan will continue to increase and maximize shareholder value for many years."
About Forest Laboratories and Its Products
Forest Laboratories (http://www.frx.com) is a U.S.-based pharmaceutical company dedicated to identifying, developing, and delivering products that make a positive difference in peoples' lives. Forest Laboratories' growing product line includes Lexapro(R) (escitalopram oxalate), an SSRI indicated for adults for the initial and maintenance treatment of major depressive disorder and for generalized anxiety disorder; Namenda(R) (memantine HCl), an N-methyl-D-aspartate (NMDA)-receptor antagonist indicated for the treatment of moderate and severe Alzheimer's disease; Benicar(R)* (olmesartan medoxomil), an angiotensin receptor blocker, and Benicar* HCT(R) (olmesartan medoxomil-hydrochlorothiazide), an angiotensin receptor blocker and diuretic combination product, each indicated for the treatment of hypertension; and Campral(R)* (acamprosate calcium), indicated in combination with psychosocial support for the maintenance of abstinence from alcohol in patients with alcohol dependence who are abstinent at treatment initiation.
*Benicar is a registered trademark of Daiichi Sankyo, and Campral is a registered trademark of Merck Sante s.a.s., subsidiary of Merck KGaA, Darmstadt, Germany.
Except for the historical information contained herein, this release contains "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. These statements involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products and the risk factors listed from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2006 and on Form 10-Q for the periods ended June 30, 2006 and September 20, 2006.