Warner Chilcott Acquired for $3.1 Billion by Bain Capital Partners, DLJ Merchant Banking, J.P. Morgan Partners and Thomas H. Lee Partners

    ROCKAWAY, N.J., Jan. 19 /PRNewswire/ -- Warner Chilcott today announced
 the completion of the $3.1 billion acquisition of the company by an investment
 group led by funds managed or advised by each of Bain Capital Partners LLC,
 DLJ Merchant Banking III, Inc., J.P. Morgan Partners, LLC and Thomas H. Lee
 Partners, L.P.
     "Warner Chilcott now has the strong financial backing in place to continue
 executing our growth strategy in the U.S.," Roger Boissonneault, CEO of Warner
 Chilcott, said.  "We are well positioned for growth in the women's healthcare
 and dermatology markets thanks to a strong portfolio of branded products and a
 strategy of pursuing product development opportunities and opportunistic
 acquisitions.  We look forward to working with our new partners as we continue
 to provide beneficial therapies for patients, create value for our
 shareholders and opportunities for our employees."
     "Warner Chilcott is a leading specialty pharmaceutical company with a
 strong and experienced management team, a track record of significant organic
 growth, a diverse portfolio of branded products, and attractive positions in
 growth markets," the investor group stated.  "We are delighted to have the
 opportunity to work with Roger and his senior management team as they
 implement their growth strategy."
 
     About Bain Capital Partners
     Bain Capital (http://www.baincapital.com) is a global private investment
 firm that manages several pools of capital including private equity,
 high-yield assets, mezzanine capital and public equity with more than
 $22 billion in assets under management. Since its inception in 1984, the firm
 has made private equity investments and add-on acquisitions in over 225
 companies around the world.  A global team of investment professionals has
 guided investments in a broad range of healthcare companies including Wesley
 Jessen, Stericycle, Physio Control and M/C Communications.  Headquartered in
 Boston, Bain Capital has offices in New York, London and Munich.
 
     About DLJ Merchant Banking
     DLJ Merchant Banking is a leading private equity investor that has a
 19-year record of investing in leveraged buyouts and related transactions
 across abroad range of industries.  Since 1985, DLJ Merchant Banking has
 invested more than $9 billion in more than 140 portfolio companies. DLJ
 Merchant Banking is currently investing through DLJ Merchant Banking Partners
 III, which has capital commitments of $5.3 billion.  DLJ Merchant Banking is
 currently part of Credit Suisse First Boston's Alternative Capital Division.
 On December 7, 2004, Credit Suisse Group, the parent company of Credit Suisse
 First Boston, announced that Credit Suisse First Boston intends to spin out
 its DLJ Merchant Banking business, including the transfer of the management of
 the DLJ Merchant Banking funds to an independent company to be formed by
 investment professionals from the existing DLJ Merchant Banking business.  It
 is anticipated that Credit Suisse First Boston will engage the new company as
 a subadvisor to manage the existing investments of the DLJ Merchant Banking
 funds.
 
     About J.P. Morgan Partners, LLC
     JPMorgan Partners is a global private equity organization with
 approximately $13 billion in capital under management as of September 30,
 2004.  Since its inception in 1984, JPMorgan Partners has built a diversified
 portfolio of investments, specializing in leveraged buyouts, growth equity,
 and venture capital.  With approximately 120 investment professionals in nine
 principal offices throughout the world, JPMorgan Partners has significant
 experience investing in companies with worldwide operations. Underpinning this
 platform is a global integrated network, which enables JPMorgan Partners to
 draw on expert resources residing within JPMorgan Chase & Co., its extensive
 portfolio and worldwide contact network.  JPMorgan Partners is the private
 equity arm of JPMorgan Chase & Co., one of the largest financial institutions
 in the United States.
 
     About Thomas H. Lee Partners, L.P.
     Thomas H. Lee Partners, L.P., is a Boston-based private equity firm
 focused on identifying and acquiring substantial ownership positions in growth
 companies.  Founded in 1974, Thomas H. Lee Partners currently manages
 approximately $12 billion of committed capital, including its most recent
 fund, the $6.1 billion Thomas H. Lee Equity Fund V.  Notable transactions
 sponsored by the firm include: Nortek, Refco Group, Warner Music Group,
 Simmons Company, Michael Foods, ProSiebenSat.1, AXIS Capital Holdings Limited,
 Endurance Specialty Insurance, Houghton Mifflin, National Waterworks, Eye Care
 Centers of America, Rayovac, Fisher Scientific International, GNC and Snapple
 Beverage.
 
     About Warner Chilcott
     Warner Chilcott  (http://www.warnerchilcott.com) is a leading U.S.
 specialty pharmaceutical company focused on the women's healthcare and
 dermatology markets.  Founded in 1968, the company's headquarters are in
 Rockaway, N.J.  The company markets, develops and manufactures branded
 prescription pharmaceutical products in these segments:  the hormonal
 contraceptive market; the hormone therapy market; the premenstrual dysphoric
 disorder market; the oral antibiotic market for acne; and the psoriasis
 market.
 
     Note:
     Forward looking statements in this report, including, without limitation,
 statements relating to Warner Chilcott's plans, strategies, objectives,
 expectations, intentions and adequacy of resources, are made pursuant to the
 safe harbor provisions of the U.S. Private Securities Litigation Reform Act of
 1995.  These forward looking statements involve known and unknown risks,
 uncertainties and other factors that may cause the actual results, performance
 or achievements of Warner Chilcott to be materially different from any future
 results, performance or achievements expressed or implied by such forward
 looking statements.  These factors include, among others, the following:
 Warner Chilcott's ability to manage its growth, government regulation
 affecting the development, manufacture, marketing and sale of pharmaceutical
 products, customer acceptance of new products, competitive factors in the
 industries in which Warner Chilcott operates, the loss of key senior
 management or scientific staff, exchange rate fluctuations, general economic
 and business conditions, and other factors described in filings of Warner
 Chilcott with the SEC.  Warner Chilcott undertakes no obligation to publicly
 update or revise any forward looking statement, whether as a result of new
 information, future events or otherwise.
 
 

SOURCE  Warner Chilcott