First Horizon Pharmaceutical Corporation Commences Exchange Offer for Its Outstanding 1.75% Contingent Convertible Senior Subor

First Horizon Pharmaceutical Corporation (Nasdaq:FHRX),
a specialty pharmaceutical company, today announced that it has
commenced an exchange offer in which First Horizon is offering to
exchange New 1.75% Contingent Convertible Senior Subordinated Notes
Due 2024 (the "New Notes") for any and all of its $150,000,000
principal amount of currently outstanding 1.75% Contingent Convertible
Senior Subordinated Notes Due 2024 (the "Old Notes"). As consideration
for exchanging the Old Notes for the New Notes, holders validly
exchanging Old Notes will receive a one-time exchange fee of $2.50 per
$1,000 principal amount of the Old Notes exchanged. The exchange fee
will be payable to such holders of Old Notes on the exchange date,
which will be promptly after the expiration date.
   The purpose of the exchange offer is to issue the New Notes that
will contain certain terms that are different from the Old Notes which
will allow First Horizon to calculate earnings per share in a method
which is expected to be less dilutive compared to the calculation
method applicable to the existing notes. The Old Notes are convertible
solely into First Horizon common stock. Additionally, the New Notes
provide for a specified increase in the conversion rate upon
conversions occurring as a result of certain fundamental changes prior
to March 13, 2007, while the Old Notes do not provide for such an
increase.
   The full terms of the exchange offer, a description of the New
Notes and the material differences between the New Notes and the Old
Notes and other information relating to the exchange offer and First
Horizon are set forth in the registration statement filed with the
Securities and Exchange Commission on March 10, 2006 and the related
prospectus dated March 16, 2006.
   The exchange offer will expire at 5:00 p.m., EDT, on April 18,
2006, unless extended or earlier terminated by First Horizon. Holders
must tender their Old Notes prior to the expiration date if they wish
to participate in the exchange offer.
   First Horizon urges investors and security holders to read its
exchange offer materials, including the prospectus, Schedule TO and
related materials, because they contain important information about
the exchange offer. Investors and security holders may obtain the
prospectus and related material through the information agent for the
exchange offer, Morrow & Co., Inc., 470 West Avenue, Stamford,
Connecticut 06902; telephone number: [phone] or toll free (800)
662-5200 or through the dealer manager for the exchange offer, UBS
Investment Bank, 677 Washington Boulevard, Stamford, Connecticut
06901; telephone number: toll free [phone] ext. 4210.

   This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities to be issued in the exchange offer in any State in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any State.

   First Horizon is a specialty pharmaceutical company that markets,
develops and sells brand name prescription products for the primary
service of cardiology and women's health. First Horizon has a
portfolio that includes 15 branded products, of which eight are
actively promoted to high prescribing physicians through its recently
expanded nationwide sales force in approximately 525 territories.
First Horizon's website address is www.fhrx.com, but information
contained therein is not part of this press release.