PRESS RELEASE

May 2, 2012 – A consortium of private equity funds led by Nordic Capital Funds V and VI (”Nordic Capital”), including DLJ Merchant Banking Partners (a Credit Suisse affiliate) and Avista Capital Partners, today announced a definitive agreement to sell Fougera Pharmaceuticals Inc. (“Fougera” or “the Company”) to Sandoz, the generics division of Novartis, at a transaction value of USD 1,525 million on a debt and cash free basis.
Fougera, headquartered in Melville, New York, is a leading manufacturer of topical pharmaceutical products in the United States, with 700 employees and 2011 revenues of USD 429 million. Previously part of Nycomed, Fougera has operated on a standalone basis since the sale of Nycomed to Takeda Pharmaceuticals in 2011. The shareholders have supported the Company through a number of operational improvement initiatives since the spinoff, implemented by the new management team led by Brian A. Markison. Other initiatives that have contributed to the...