Forest Laboratories Announces Rule 144 Sale by Executive Officer
February 12 2007 - 4:28PM
PR Newswire (US)
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.
http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGODATASOURCE:
Forest Laboratories, Inc. CONTACT: Charles E. Triano, Vice
President - Investor Relations of Forest Laboratories, Inc.,
+1-212-224-6714, Web site: http://www.frx.com/
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