Watson Pharmaceuticals Acquires TheraTech Inc.

Watson Pharmaceuticals Inc. has completed its acquisition of TheraTech Inc., a drug delivery company that develops, manufactures and markets innovative products based on its patented and proprietary technologies and systems.

Under the terms of the purchase agreement, each outstanding share of TheraTech common stock will be exchanged for 0.2663 of one share of Watson common stock. Watson expects to record a one-time charge of approximately $20 million in connection with this transaction in the first quarter of 1999.

For more information: Watson Pharmaceuticals Inc., 311 Bonnie Circle, Corona, CA 91720, USA. Telephone: 909-270-1400. Fax: 909-270-1096.