Forest Laboratories Comments on ISS Report
Forest Urges Shareholders to Vote “FOR ALL” Ten of Forest's Director Nominees on the WHITE Proxy Card
Forest Laboratories, Inc. (NYSE: FRX) (“Forest”) today commented on a report by proxy advisory service Institutional Shareholder Services (ISS) regarding the election of director nominees at the Company's Annual Meeting of Shareholders, which will be held on August 15, 2012.
The Company stated, “ISS's recommendation rejects two of Icahn's four nominees, including Eric Ende, whom Icahn chose to lead his proxy contest. We believe ISS's recommendation for Icahn's two other nominees is based on a flawed analysis that adopts Icahn's fundamental misunderstandings of the Company's business model and strategic focus in support of a reckless, cost-cutting strategy with the potential to destroy value for shareholders. We are confident that our ten highly qualified nominees possess the right combination of skills, experience and expertise to ensure that our products reach their maximum potential.”
“Compared to last year, Forest is in a stronger position to deliver value for shareholders on every front. Our pipeline is more robust – we recently received FDA approval for Tudorza and we expect FDA approval for one of our largest potential new drugs, linaclotide, in September. We are continuing to make great progress with our “Next Nine” and four strong lifecycle products and believe we are extremely well positioned to more than offset the impact of our patent expirations over time. We believe both the market and our shareholders understand the value of our pipeline and look forward to communicating directly with our shareholders in advance of our Annual Meeting.”
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