BRISTOL, Tenn., Sept. 8 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) today reiterated that the Company is steadfastly committed to
its previously announced combination with Mylan Laboratories Inc. (NYSE: MYL),
as King believes the combination makes great strategic and financial sense for
both companies. King believes that combining the fundamental strengths and
assets of King and Mylan will result in greater long-term growth for the
shareholders of both companies by creating a leading diversified specialty
pharmaceutical company. In addition, King is moving forward with integration
plans and looks forward to closing the transaction as soon as possible.
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated
branded pharmaceutical company. King, an S&P 500 Index company, seeks to
capitalize on opportunities in the pharmaceutical industry through the
development, including through in-licensing arrangements and acquisitions, of
novel branded prescription pharmaceutical products in attractive markets and
the strategic acquisition of branded products that can benefit from focused
promotion and marketing and product life-cycle management.
Forward-looking Statements
This release contains forward-looking statements which reflect
management's current views of future events and operations, including, but not
limited to, statements pertaining to Mylan's anticipated acquisition of King,
the expected future business and financial performance of Mylan resulting from
the combination of Mylan and King, and the long-term growth potential for
shareholders of both companies. These forward-looking statements involve
certain significant risks and uncertainties, and actual results may differ
materially from the forward-looking statements. Some important factors which
may cause results to differ materially from the forward-looking statements
include, but are not limited to, the following: factors relating to
satisfaction of the conditions to the acquisition, including requisite
shareholder and regulatory approvals; challenges and costs relating to
integration of the two businesses; the effect of any changes in customer and
supplier relationships and customer purchasing patterns; the impact and
effects of legal or regulatory proceedings, actions or changes; general market
perception of the transaction; the effects of vigorous competition on
commercial acceptance of Mylan's and King's products and their pricing; actual
future financial performance of the combined companies; the potential costs
and product introduction delays that may result from use of legal, regulatory
and legislative strategies by Mylan's or King's competitors; uncertainties
regarding patent, intellectual and other proprietary property protections;
exposure to lawsuits and contingencies associated with both Mylan's and King's
businesses; the ability to attract and retain key personnel; other
uncertainties and matters beyond the control of management of both Mylan and
King; and the other risks detailed in the periodic filings filed by Mylan and
by King with the Securities and Exchange Commission. King does not undertake
to publicly update or revise any of its forward-looking statements even if
experience or future changes show that the indicated results or events will
not be realized.
Additional Information About the Merger and Where To Find It
In connection with the proposed merger, Mylan filed with the SEC on
September 3, 2004, a joint proxy statement/prospectus on Form S-4 that
contains important information about the Merger. These materials are not yet
final and will be amended. Investors and security holders of Mylan and King
are urged to read the joint proxy statement/prospectus filed, and any other
relevant materials filed by Mylan or King because they contain, or will
contain, important information about Mylan, King and the Merger. The
preliminary materials filed on September 3, 2004, the definitive versions of
these materials and other relevant materials (when they become available) and
any other documents filed by Mylan or King with the SEC, may be obtained for
free at the SEC's website at http://www.sec.gov . Investors and shareholders
of Mylan and King may also read and copy any reports, statements and other
information filed by Mylan and King with the SEC at the SEC public reference
room at 450 Fifth Street, N.W. Room 1200, Washington, D.C. 20549. Please call
the SEC at 1-800-SEC-0330 or visit the SEC's website for further information
on its public reference room. In addition, the documents filed with the SEC by
Mylan may be obtained free of charge by directing such request to: Mylan
Laboratories Inc., Attention: Investor Relations, 1500 Corporate Drive,
Canonsburg, PA 15317, or from Mylan's website at http://www.mylan.com . The
documents filed with the SEC by King may be obtained free of charge by
directing such request to: King Pharmaceuticals, Inc., Attn: Corporate
Affairs, 501 Fifth Street, Bristol, TN 37620, or from King's website
at http://www.kingpharm.com . Investors and security holders are urged to read
the joint proxy statement/prospectus and the other relevant materials when
such other materials become available before making any voting or investment
decision with respect to the proposed transaction.
Mylan, King and their respective executive officers and directors may be
deemed to be participants in the solicitation of proxies from the shareholders
of Mylan and King in favor of the acquisition. Information about the executive
officers and directors of Mylan and their ownership of Mylan common stock is
set forth in the proxy statement for Mylan's 2004 Annual Meeting of
Shareholders, which was filed with the SEC on June 28, 2004. Information about
the executive officers and directors of King and their ownership of King
common stock is set forth in the proxy statement for King's 2003 Annual
Meeting of Shareholders, which was filed with the SEC on September 19, 2003.
Investors and shareholders may obtain more detailed information regarding the
direct and indirect interests of Mylan, King and their respective executive
officers and directors in the acquisition by reading the joint proxy
statement/prospectus regarding the acquisition, which is included in the
Registration Statement on Form S-4 filed by Mylan with the SEC on September 3,
2004.
SOURCE King Pharmaceuticals, Inc.
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Related links:
http://www.kingpharm.com
http://www.mylan.com
Company News On-Call:
http://www.prnewswire.com/comp/120319.html
CONTACT:
James E. Green, Executive Vice President,
Corporate Affairs of King Pharmaceuticals, Inc., +1-423-989-8125
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