Item 8.01 Other Events.
Pursuant to an indenture dated as of March 7, 2003 (the "Indenture"), between Watson Pharmaceuticals, Inc. (the "Company") and Wells Fargo Bank, National Association, as trustee (the "Trustee"), on August 24, 2009, the Company gave notice to the Trustee, and the Trustee delivered an irrevocable notice of redemption to the holders of its $575.0 million aggregate principal amount 1.75% Convertible Contingent Senior Debentures due 2023 (the "Debentures"), that the Company has elected to redeem, on September 14, 2009 (the "Redemption Date"), for cash, at a price equal to 100% of the principal amount of the Debentures, plus interest accrued and unpaid to, but excluding, the Redemption Date.
In accordance with the Indenture, the Debentures called for redemption may be surrendered at the option of the holders for conversion into shares of the Company's common stock at any time before the close of business on September 11, 2009, which is the business day prior to the Redemption Date. The current conversion rate is $40.05 per share.

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