[January 08, 2014]

Aptalis to be Acquired by Forest Laboratories for $2.9 Billion

Aptalis, a privately-held leading specialty pharmaceutical company, today announced that it has signed a definitive agreement to be acquired by Forest Laboratories, Inc. (NYSE: FRX), a leading, fully integrated, specialty pharmaceutical company. Forest has agreed to acquire Aptalis from TPG, the global private investment firm, for $2.9 billion in cash, pending required reviews by anti-trust authorities.

Aptalis is a global specialty pharmaceutical company that has approximately 1,000 employees worldwide. The company provides innovative, effective therapies for unmet medical needs including cystic fibrosis and gastrointestinal disorders. Aptalis achieved sales of $688 million in FY2013 which ended September 2013. TPG acquired Aptalis, formerly known as Axcan Pharma, for $1.3 billion in 2008.

"Under TPG's ownership, Aptalis has grown through internal product development and acquisitions, and now our new, larger, multi-national owner will provide increased opportunities," said Frank Verwiel, M.D., President and Chief Executive Officer of Aptalis. "Forest's acquisition of our company is a testament to the strength of the business we have built. I believe this transaction will profoundly enhance our ability to serve our patients and their caregivers as well as our employees, customers and stakeholders."

"Over the course of our partnership, Frank and his world-class team have built a strong, diversified business with an exciting pipeline," said Todd Sisitsky, partner, TPG Capital. "The company has grown throughout our ownership period, and we are enthusiastic to see a dynamic specialty pharmaceutical company like Forest partner with Aptalis onthe next leg of the company's growth."

The transaction is expected to close in the first half of 2014 pending regulatory review and satisfactory completion of necessary closing conditions.

Debevoise & Plimpton LLC and Cleary Gottlieb Steen & Hamilton LLP served as Forest's legal counsel, and Aptalis was advised by Ropes & Gray, LLP. Morgan Stanley acted as financial advisor to Forest. J. P. Morgan Securities LLC acted as financial advisors to Aptalis.

About Aptalis

Aptalis Pharma is a privately held, leading specialty pharmaceutical company providing innovative, effective therapies for unmet medical needs including cystic fibrosis and gastrointestinal disorders. Aptalis has manufacturing and commercial operations in the United States, the European Union and Canada, and its products include ZENPEP^®, CANASA^®, CARAFATE^®, PYLERA^®, RECTIV^®, VIOKACE™, ULTRESA^® LACTEOL^®, DELURSAN^®, PANZYTRAT^®, and SALOFALK^®. Aptalis also formulates and clinically develops enhanced pharmaceutical and biopharmaceutical products for itself and others using its proprietary technology platforms including bioavailability enhancement of poorly soluble drugs, custom release profiles, and taste-masking/orally disintegrating tablet (ODT) formulations.

About Forest Laboratories and Its Products

Forest Laboratories (NYSE: FRX) is a leading, fully integrated, specialty pharmaceutical company largely focused on the United States market. The Company markets a portfolio of branded drug products and develops new medicines to treat patients suffering from diseases principally in five therapeutic areas: central nervous system, cardiovascular, gastrointestinal, respiratory, and anti-infective. Our strategy of acquiring product rights for development and commercialization through licensing, collaborative partnerships and targeted mergers and acquisitions allows us to take advantage of attractive late-stage development and commercial opportunities, thereby managing the risks inherent in drug development. The Company is headquartered in New York, NY.

About TPG

TPG is a leading global private investment firm founded in 1992 with $55.7 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm's well-known investments in the healthcare sector include Biomet, Fenwal, Healthscope, IASIS Healthcare, Immucor, IMS Health, Par Pharmaceutical, Quintiles Transnational and Surgical Care Affiliates, among others. For more information visit www.tpg.com.

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