CORONA, Calif., March 14 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that Watson Pharma, Inc., Watson Laboratories, Inc. and Danbury Pharmacal, Inc., all subsidiaries of Watson Pharmaceuticals, Inc., have filed a lawsuit in the United States District Court for the District of Columbia against Bristol-Myers Squibb Company (NYSE: BMY) for violations of the Sherman Act and violations of the District of Columbia monopolization statute in connection with a series of acts allegedly undertaken by Bristol-Myers to unlawfully block competition in the buspirone market. Watson's complaint seeks to recover treble damages and injunctive relief.
"We believe that Bristol-Myers has engaged in unlawful, anti-competitive conduct, costing consumers millions of dollars," said Robert Funsten, Senior Vice President and General Counsel of Watson Pharmaceuticals. "We said we would continue this fight and we intend to hold Bristol-Myers accountable for its illegal actions," concluded Funsten.
Watson Pharmaceuticals, Inc., headquartered in Corona, California, is engaged in the development, manufacture and sale of proprietary and off-patent pharmaceutical products. Watson pursues a strategy of generating revenue through established proprietary and off-patent businesses, capitalizing on its proven ability to support the development and commercialization of a broad range of proprietary and off-patent pharmaceutical products.
Statements in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements. Such forward-looking statements reflect Watson's current perspective of existing trends and information and represent Watson's judgment only as of the date of this release. These forward-looking statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, the outcome of litigation discussed in this release and related costs and expenses and possible diversion of management's time and attention arising from such litigation. The Company disclaims any intent or obligation to update these forward-looking statements. Additional information concerning the factors that affect Watson's business can be found in Watson's press releases as well as Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report on Form 10-K for the year ended December 31, 1999 and Form 10-Q for the quarters ended March 31, June 30 and September 30, 2000 and Form 8-K filed on January 30, 2001.
This and past press releases of Watson Pharmaceuticals, Inc. are available at Watson's website at www.watsonpharm.com. In addition, press releases are available through PR Newswire's Company On-Call fax service at 800-758-5804, extension 112856, and at www.prnewswire.com. SOURCE Watson Pharmaceuticals, Inc.
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/CONTACT: Sara Swee, Director, Corporate Communications of Watson Pharmaceuticals, Inc., 909-270-1400; or investors, Jim Byers, or press, Christopher Katis of Morgen-Walke Associates, Inc., 415-296-7383, for Watson Pharmaceuticals, Inc./
/Company News On-Call: http://www.prnewswire.com/comp/112856.html or fax, 800-758-5804, ext. 112856/
