-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LAT5gUwkeyiJaUav1bud0GmH33689QQfM/9hMrHuiyMsehgXz86Pzu7ei6xFwAFJ /BgzeSuVFxRsv7tq4gza0g== 0000038074-96-000010.txt : 19960423 0000038074-96-000010.hdr.sgml : 19960423 ACCESSION NUMBER: 0000038074-96-000010 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960422 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOREST LABORATORIES INC CENTRAL INDEX KEY: 0000038074 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 111798614 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-05438 FILM NUMBER: 96549161 BUSINESS ADDRESS: STREET 1: 909 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2124217850 MAIL ADDRESS: STREET 1: 909 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION ---------------------------------- WASHINGTON, D.C. 20549 FORM 8-K/A 2 ------------ CURRENT REPORT -------------- PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) November 1, 1995 - ----------------------------------------------------------------------------- FOREST LABORATORIES, INC. - ----------------------------------------------------------------------------- (Exact name of registrant as specified in its character) Delaware 1-5438 11-1798614 - ---------------------------- ----------- ------------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 909 THIRD AVENUE, NEW YORK, NEW YORK 10022 - ---------------------------------------- ------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 212-421-7850 ------------ - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) PAGE ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION ----------------------------------------------------- AND EXHIBITS ------------ (a) Financial Statements. The following financial statements of Biovail Corporation International ("BCI") are filed as part of this Current Report on Form 8-K: (1) The consolidated financial statements of BCI for the fiscal year ended December 31, 1994. Incorporated herein by reference to Item 19(a) of the Annual Report on Form 20-F of BCI for the fiscal year ended December 31, 1994. (2) The consolidated financial statements of BCI for the six months ended June 30, 1995. Incorporated herein by reference to Part I of the Report on Form 6-K of BCI for the quarterly period ended June 30, 1995. (b) Pro-Forma financial information. The Pro Forma Condensed Consolidated Balance Sheet of Forest Laboratories, Inc. and Subsidiaries as at September 30, 1995. -2- FOREST LABORATORIES, INC. AND SUBSIDIARIES ------------------------------------------ UNAUDITED PRO FORMA ------------------- CONDENSED CONSOLIDATED BALANCE SHEET ------------------------------------ The following unaudited pro forma condensed consolidated balance sheet as of September 30, 1995, reflects the pro forma condensed consolidated balance sheet of Forest Laboratories, Inc. and Subsidiaries ("Forest"), giving effect to the pro forma adjustment described herein as though the acquisitions had occurred on September 30, 1995. Unaudited pro forma condensed consolidated statements of income for the year ended March 31, 1995 and the six months ended September 30, 1995 have not been presented, as the pro forma adjustments would have an immaterial effect on these statements. The unaudited pro forma condensed consolidated balance sheet gives effect to Forest's acquisition of 1,800,000 common shares, without par value, of Biovail Corporation International ("BCI") and the acquisition of an exclusive license to market Biovail Laboratories, Inc.'s, a wholly- owned subsidiary of BCI, once-daily formulation of diltiazem in the United States. The aggregate consideration paid for the acquisition was approximately $95.6 million. For a more detailed description of the terms of the acquisitions see the Form 8-K filed by Forest on November 1, 1995. -3- FOREST LABORATORIES, INC. AND SUBSIDIARIES ------------------------------------------ PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET ---------------------------------------------- SEPTEMBER 1995 -------------- Pro Forma Historical Adjustments Pro Forma ---------- ----------- --------- (In thousands) Assets - ------ Current Assets Cash $103,989 (95,600) $ 8,389 Marketable securities 20,354 20,354 Accounts receivable, net 162,333 162,333 Inventories 45,396 45,396 Deferred income taxes 12,499 12,499 Other current assets 14,692 14,692 -------- -------- Total current assets 359,263 263,663 Long-term marketable securities 148,404 148,404 Property, plant and equipment, net 76,731 76,731 Goodwill 18,407 18,407 License agreements, product rights and other intangibles, net 201,703 20,000 221,703 Investment in BCI 75,600 75,600 Other 18,874 18,874 -------- -------- Total Assets $823,382 $823,382 ======== ========
-4- FOREST LABORATORIES, INC. AND SUBSIDIARIES ------------------------------------------ PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET ---------------------------------------------- SEPTEMBER 1995 (CONT'D) -------------- Pro Forma Historical Adjustments Pro Forma ---------- ----------- --------- (In thousands) Liabilities and Shareholders' - ----------------------------- Equity - ------ Current liabilities Accounts payable $ 13,357 $ 13,357 Accrued expenses 31,822 31,822 Income taxes payable 20,728 20,728 ------- -------- Total current liabilities 65,907 65,907 Deferred income taxes 294 294 Shareholders' equity: Series A junior participating preferred stock, $1.00 par; 1,000 shares authorized; no shares issued or outstanding Common stock $.10 par; shares authorized 250,000; issued 47,935 shares 4,794 4,794 Capital in excess of par 299,619 299,619 Retained earnings 493,504 493,504 Cumulative foreign currency translation adjustments ( 75) ( 75) -------- -------- 797,842 797,842 Less common stock in treasury, at cost (2,644 shares) 40,661 40,661 -------- -------- Total shareholders' equity 757,181 757,181 -------- -------- Total Liabilities and Shareholders' Equity $823,382 $823,382 ======== ======== Reflects the acquisition of an exclusive product license for $20 million and the acquisition of approximately 22% of the total common shares outstanding of Biovail Corporation International (BCI) for $75.6 million. This investment will be accounted for under the equity method of accounting. The amount of the investment exceeds the Company's share of BCI's underlying book value by approximately $68.7 million and that amount will be accounted for as goodwill. The goodwill and the above mentioned product license will be amortized, using the straight-line method, over 25 years (management's estimate of the remaining useful lives of the respective assets.) The amortization method and period is consistent with prior acquisitions by the Company.
-5- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FOREST LABORATORIES, INC. ------------------------- Date: April 22, 1996 By: /S/ KENNETH E. GOODMAN --------------------------- Kenneth E. Goodman, Vice President-Finance -6- -----END PRIVACY-ENHANCED MESSAGE-----