FOR IMMEDIATE RELEASE

BIO-TECHNOLOGY GENERAL CORP. TO ACQUIRE ROSEMONT
PHARMACEUTICALS, AN AKZO NOBEL UK SUBSIDIARY

ACCRETIVE TO EARNINGS
STRENGTHENS SPECIALTY PHARMA PORTFOLIO
PROVIDES PRESENCE IN EUROPEAN MARKET

        ISELIN, N.J.September 20, 2002Bio-Technology General Corp. (NASDAQ:BTGCE) today announced the signing of a definitive agreement to acquire Rosemont Pharmaceuticals, Ltd., a subsidiary of Akzo Nobel (Amsterdam:AKZO.AS), and a leader in the UK market for oral liquid formulations of branded non-proprietary drugs. Rosemont is a profitable specialty pharmaceutical company based in Leeds, England, that develops, manufactures, and markets prescription drugs in oral liquid form primarily for the domestic UK market.

        The purchase price of 64 million or approximately $99 million (61 million or approximately $95 million, net of Rosemont's anticipated cash balances on closing) will be paid out of BTG's available cash resources. The acquisition is anticipated to close by September 30, 2002.

        Rosemont's competitive and financial highlights include:

2001 net revenues of 13.1 million ($20.3 million), EBITDA of 5.6 million ($8.7 million), and three-year compound revenue growth rate of approximately 15%, and for the six months ended June 30, 2002, net revenues of 7.3 million ($11.3 million), EBITDA of 3.2 million ($5 million), and revenue growth of 16%, compared to the six months ended June 30, 2001;

 

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