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

Warner Chilcott Acquired for $3.1 Billion by Bain Capital Partners, DLJ Merchant Banking, J.P. Morgan Partners and Thomas H. Lee Partners
Significant U.S. growth opportunities in women's
healthcare and dermatology

January 19, 2005, Rockaway, NJ - 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.

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.

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