ACTAVIS RESPONDS TO BARR'S INCREASED OFFER FOR PLIVA

Iceland-based Actavis has responded to the increased offer to acquire Croatian drugmaker Pliva published Sept. 11 by Barr Pharmaceuticals. The board of Actavis believes that its current offer of HRK 795, or approximately $136, per share represents a full and fair price for Pliva's shares. Based on this, Actavis has no plans to increase its offer for Pliva at this point. Accordingly, Actavis will take the necessary steps to ask the Croatian Financial Services Supervisory Agency to release the guarantee that the company has provided.

Actavis confirmed that it controls approximately 20.8 percent of the outstanding shares of Pliva through direct ownership and option agreements. The company will continue to follow closely the progress of the bidding for Pliva and reserves the right to apply to re-enter the process.

"While we continue to believe that the combination of our two businesses would create one of the most exciting companies in our industry and a solid platform from which to achieve substantial future growth, we will not compromise our growth plans by overpaying for acquisitions despite very strong synergies," said Robert Wessman, president and CEO of Actavis.