New York, April 28, 2014 -- Moody's commented that Forest Laboratories' ("Forest"; Ba1 Review for Upgrade) proposed acquisition of Furiex Pharmaceuticals (not rated) is credit negative for Actavis, plc (parent company of Actavis, Inc; Baa3 stable), who is in the process of acquiring Forest for approximately $25 billion in cash and stock. The acquisition of Furiex will reduce the cash available to repay debt associated with Actavis' purchase of Forest. As a result, Actavis' deleveraging post- Forest acquisition will be marginally delayed. However, the Furiex deal will not materially change Actavis' credit metrics and there is no change to Actavis' rating or outlook. Please go to www.moodys.com for our full Issuer Comment.

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