Forest Labs Issues Letter to Holders, Asks Holders to Vote in Support of Forest's Board
Dear Fellow Shareholders:
Forest Laboratories' August 15^th Annual Meeting is rapidly approaching and support for your Board is more important than ever. Carl Icahn is again seeking to replace four of your highly qualified and experienced directors with hand-picked nominees who we believe are not as qualified to serve on Forest's Board. Forest's Board and management team have delivered on the promises we made to our shareholders over the last year and continue to execute on our strategy. Our team is the right team for Forest. We urge you to vote the WHITE CARD in support of all ten of Forest's highly qualified nominees, who are committed to serving your best interests and maximizing shareholder value over the long term.
WHY OUR TEAM IS THE RIGHT TEAM FOR FOREST
[X] Forest has developed one of the best pipelines in the biopharma industry and we continue to gain momentum in advancing our valuable late-stage portfolio.
As promised, we hit the milestones we committed to last year and our momentum continues. We recently received FDA approval for aclidinium, which will be launched later this year under the brand name TUDORZA, and we are expecting FDA approval of linaclotide in September – powerful proof that our long-term pipeline planning is bearing fruit. The strength of our platform is well-recognized by independent third-party analysts.^1
[X] Forest is poised to deliver strong returns to shareholders.
Our stock price is strengthening as the market increasingly recognizes the value of our products. We are on track to manage through our patent expirations and project revenues to be $6.0bn by FY2018, well in excess of historical peak sales of $4.6bn in FY2012. The success of our efforts is reflected in the recent upturn in our stock price, which increased by 15.6% in the six months ended June 30, 2012.
[X] Our strong and independent Board embraces change and welcomes new perspectives.
We have eight independent directors on our Board, three of whom were added last year. Our new directors have taken on active roles on Board committees. All three new independent directors serve on the Compensation Committee as well as a Board committee that was formed to oversee succession planning. This Committee of four independent directors has directly retained Spencer Stuart to assist with, among other things, the consideration of both our deep bench of internal candidates and external candidates. In addition, Chris Coughlin serves as the chairman of the Audit Committee and Gerald Lieberman serves as chairman of the Nominating and Governance Committee.
[X] Forest remains committed to strong corporate governance and has recently enhanced its corporate governance and compensation policies.
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