NEW YORK, May 18 /PRNewswire-FirstCall/ -- Forest Laboratories, Inc.
(NYSE: FRX) announced today that its Board of Directors has approved a new
share repurchase program for up to an additional 25 million shares of its
common stock. The authorization will become effective immediately and has
no set expiration date. The Company expects to make the repurchases from
time to time in the open market depending on market conditions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO )
The new program is in addition to two previously announced and
completed share repurchase programs: a 20 million share repurchase program
announced on July 20, 2004 and expanded to 30 million shares on December
14, 2004 as well as a 25 million share repurchase program announced May 10,
2005.
About Forest Laboratories
Forest Laboratories (http://www.frx.com) is a US-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 to 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 Sankyo Pharma, Inc., 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,
the 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 Forest
Laboratories' SEC reports, including the Company's Annual Report on Form
10-K for the fiscal year ended March 31, 2005, and on form 10-Q for the
periods ended June 30 ,2005, September 30, 2005 and December 31, 2005.
SOURCE Forest Laboratories, Inc.
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Related links:
http://www.frx.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Charles E. Triano, Vice President - Investor
Relations, +1-212-224-6714, Charles.Triano@frx.com
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