faulding generic pharmaceuticals

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    A bit of history.........

    Fort Lee, New Jersey…September 28, 2001…Alpharma Inc. (NYSE: ALO), a leading global specialty pharmaceutical company, today announced that Mayne Nickless Limited (ASX: MAY) ("Mayne") has, subject to confirmation by audit, obtained 90% ownership of F H Faulding & Co Limited ("Faulding") as a result of a tender offer. Alpharma had previously announced its agreement to purchase the generic oral solid dose businesses of Faulding from Mayne for approximately $660 million in cash subject to Mayne’s purchase of 100% of the shares of Faulding. Under Australian statutes, based upon Mayne’s present 90% ownership interest in Faulding, Mayne is entitled, and has agreed with Alpharma, to complete the acquisition of the remaining shares of Faulding that Mayne does not currently own. Mayne estimates that it will take 60-90 days to complete the actions necessary to transfer ownership of the generic oral solid dose business to Alpharma. In the meantime, under the terms of the purchase agreement, Alpharma expects to assume operating management responsibility of the Purepac, Faulding Laboratories and Foshan Faulding businesses of Faulding shortly.

    "This transaction represents major progress in our mission to build global leadership in human generic pharmaceuticals," said Ingrid Wiik, President and Chief Executive Officer of Alpharma. "For the first time, we will have a significant presence in the U.S. oral solid dose market – the largest and fastest growing segment of the U.S. pharmaceuticals market. This will dramatically strengthen our current position in the U.S. generic market. Our newly expanded U.S. product capability will mirror our existing International operations, creating a powerful platform for global leadership"

    The businesses Alpharma will acquire include the operations of Purepac Pharmaceuticals and Faulding Laboratories in the United States and Foshan Faulding Pharmaceutical in China. These businesses develop, manufacture and market generic and proprietary oral solid dose pharmaceuticals. Latest 12-month revenue for these businesses is approximately $200 million, predominantly generated in the United States.

    This transaction is expected to generate significant one-time charges related to in-process R&D, inventory write-up/write-offs, interim financing and other acquisition related costs. Excluding these one-time charges, the transaction is expected to be dilutive to Alpharma operating earnings for the remainder of 2001, achieve approximately break-even status in 2002 and be additive to earnings in 2003.

    Alpharma Inc. (NYSE: ALO) is a growing specialty pharmaceutical company with expanding global leadership positions in products for humans and animals. Uniquely positioned to expand internationally, Alpharma is presently active in more than 60 countries. Alpharma is the largest manufacturer of generic liquid and topical pharmaceuticals in the U.S. and one of the largest manufacturers of generic solid dose pharmaceuticals in Europe, with a growing presence in Southeast Asia. Alpharma is among the world’s leading producers of several important pharmaceutical-grade bulk antibiotics and is internationally recognized as a leading provider of pharmaceutical products for poultry, swine, cattle, and vaccines for farmed-fish worldwide.

    Mayne Nickless Limited (ASX: MAY) is Australia’s leading private health care provider and one of the country’s most diverse logistics companies. It was founded in Australia in 1886 as a parcel delivery service, and listed on the Australian Stock Exchange in 1926. Today, Mayne provides health care services under the brand name Mayne Health in Australia, Indonesia and the Fiji Islands and, under the brand name Mayne Logistics, provides logistics services in Australia, Canada, China, Malaysia and Thailand. Mayne is a leading Australian service company, with consolidated assets of A$3 billion as of December 31, 2000 and consolidated total sales revenue of A$3 billion for the year ended December 31, 2000.

    F H Faulding & Co Limited (ASX: FHF) is a worldwide health and personal care company, listed on the Australian Stock Exchange. Faulding’s principal businesses are oral and injectable pharmaceuticals, consumer health products, the provision of distribution and retail management services to pharmacies and logistics management services to hospitals.

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