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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