Forest Laboratories CEO announces share sale

Howard Solomon, chairman and chief executive officer of Forest Laboratories, has announced the filing of Form 144 with the US Securities and Exchanges Commission relating to the sale of 3,500,000 million shares in the company and options covering a further 800,000 shares.

The shares directly owned by Mr Solomon were acquired through his exercising of options between 1985 and 1995, while the options were granted in December 1997.

Mr Solomon will continue to own 770,000 shares of common stock in the company while holding options covering a further 5,600,000.

Regarding this sale, Mr Solomon said: “I have reached an age when it is necessary for me to further an estate plan that properly provides for my family and causes that I support.

“These share dispositions are being undertaken solely for those purposes.”

He added that his significant continued shareholding in Forest Laboratories highlighted his commitment to remain in his current position at the firm and his confidence that the company would increase its shareholder value into the future.

Last month, Forest Laboratories announced diluted earnings per share of $0.78 for the third quarter of the 2007 fiscal year, representing a 37 per cent increase over the same period in the previous year.