NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- 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.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO )
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.
SOURCE Forest Laboratories, Inc.
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Related links:
http://www.frx.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO
CONTACT:
Charles E. Triano, Vice President - Investor
Relations of Forest Laboratories, Inc., +1-212-224-6714,
charles.triano@frx.com
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