You are cordially invited to attend a special meeting (the “special meeting”) of the stockholders of Amneal Pharmaceuticals, Inc. (“Amneal”). The special meeting will be held online on [•], 2026 at [•], Eastern Time. You may attend the special meeting virtually via the internet at www.virtualshareholdermeeting.com/AMRX2026SM, where you will be able to vote electronically and submit questions. You will need the 16-digit control number, which is located on your proxy card or in the instructions accompanying your proxy materials, to attend the special meeting. You will not be able to attend the special meeting in person.

On April 21, 2026, Amneal entered into a Membership Interest Purchase Agreement (as amended or modified from time to time, the “purchase agreement”) with Kashiv BioSciences, LLC (“Kashiv”), each of the persons listed on the signature pages thereto under the heading “Sellers” (the “sellers”) and KB Seller Representative, LLC (in its capacity as the representative of the sellers, the “seller representative”). Subject to the terms and conditions of the purchase agreement, Amneal has agreed to purchase, and the sellers have agreed to sell, convey, assign, transfer and deliver to Amneal, 100% of the issued and outstanding membership interests of Kashiv (the “Transaction”). At the special meeting, Amneal stockholders will be asked to consider and vote on a proposal to approve the purchase agreement and the transactions contemplated thereby for purposes of complying with the requirements for the “safe harbor” protections of Section 144 of the General Corporation Law of the State of Delaware and satisfying the related condition contained in the purchase agreement (such proposal, the “transaction proposal”). Amneal stockholders will also be asked to consider and vote on a proposal to approve the issuance of 28,942,108 shares of the Class A common stock, $0.01 par value per share, of Amneal (the “Amneal Class A common stock”) to the sellers in connection with the purchase agreement and the Transaction for purposes of complying with Nasdaq Listing Rule 5635(a)(2) and satisfying the related condition contained in the purchase agreement (the “stock issuance”, and such proposal, the “stock issuance proposal”).

Approval of the transaction proposal requires the affirmative vote (in person or by proxy) of a majority of votes cast at the special meeting by the holders of the outstanding shares of common stock, $0.01 par value per share, of Amneal (the “Amneal common stock”) entitled to vote thereon as of the close of business on the record date (as defined in the accompanying proxy statement), other than any outstanding shares of Amneal common stock beneficially owned, directly or indirectly, by (i) any member of the Amneal Group (as defined in the accompanying proxy statement), (ii) any affiliate of the Amneal Group, (iii) Kashiv or the sellers, (iv) any stockholder of Amneal with a director position at any seller, (v) any person that Amneal has determined to be an “officer” of Amneal within the meaning of Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended, or (vi) any “immediate family member” (as defined in Item 404 of Regulation S-K) of any of the foregoing (the holders of Amneal common stock other than those excluded pursuant to the foregoing clauses (i) through (vi), the “Amneal disinterested stockholders”). Approval of the stock issuance proposal requires the affirmative vote (in person or by proxy) of a majority of votes cast at the special meeting by the holders of Amneal common stock entitled to vote thereon as of the close of business on the record date. A vote online at the special meeting constitutes a vote in person for purposes of the special meeting.

At a meeting of the Conflicts Committee (the “Independent Committee”) of the Board of Directors of Amneal (the “Amneal Board”) held on April 20, 2026, the Independent Committee, upon consultation with Amneal’s management, with the outside financial advisor and outside legal counsel to the Independent Committee and with the outside legal counsel and other outside advisors to Amneal, and after consideration of various factors (in each case, as more fully described in the accompanying proxy statement), unanimously (a) determined that the purchase agreement and the ancillary agreements to be entered into in connection therewith and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of,

Amneal and its stockholders (including the Amneal disinterested stockholders), (b) adopted, approved and declared advisable the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, (c) directed that each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance be submitted to Amneal’s stockholders for approval, (d) recommended that Amneal’s stockholders approve each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance, and (e) recommended that the Amneal Board do each of the foregoing. The Independent Committee unanimously recommends that you vote “FOR” the transaction proposal and “FOR” the stock issuance proposal.

At a meeting of the Amneal Board held on April 20, 2026, the Amneal Board (excluding Chintu Patel, Chirag Patel and Gautam Patel, who did not participate in this portion of such meeting), upon the unanimous recommendation of the Independent Committee, (a) determined that the purchase agreement and the ancillary agreements to be entered into in connection therewith and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of, Amneal and its stockholders (including the Amneal disinterested stockholders), (b) adopted, approved and declared advisable the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, (c) directed that each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance be submitted to Amneal’s stockholders for approval, and (d) recommended that Amneal’s stockholders approve each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance. The Amneal Board recommends that you vote “FOR” the transaction proposal and “FOR” the stock issuance proposal.

Among other things, the accompanying proxy statement includes a detailed description of the negotiations that the Independent Committee engaged in, and the factors that the Independent Committee and the Amneal Board considered, in reaching these determinations (in particular in the sections entitled “The Transaction – Background of the Transaction” beginning on page 36 and “Reasons for the Transaction and Recommendation of the Independent Committee and Amneal Board” beginning on page 46), which sections include, among other things, a description of the Amneal Board’s identification of the opportunity presented by Amneal’s expansion into the biosimilars market, the Amneal Board’s consideration that an organic, greenfield expansion into the biosimilars market could create challenges for Amneal, the Independent Committee’s expectation that the adoption of biosimilars will accelerate across physicians, patients and payers and the Independent Committee’s consideration of the potential for the Transaction to establish an integrated biosimilar platform allowing for certain competitive advantages for Amneal).

At the special meeting, stockholders will also be asked to vote on a proposal to adjourn the special meeting from time to time, as determined in accordance with the purchase agreement by the Independent Committee, including for the purpose of soliciting additional votes for the approval of the transaction proposal and the stock issuance proposal if there are insufficient votes at the time of the special meeting to approve the transaction proposal or the stock issuance proposal (the “adjournment proposal”). The Independent Committee unanimously recommends that you vote “FOR” the adjournment proposal. In addition, the Amneal Board recommends that you vote “FOR” the adjournment proposal.

The Amneal Board is soliciting your proxy to ensure that a quorum is present and that your shares are represented and voted at the special meeting and any postponement or adjournment thereof.

If your shares are held in “street name,” you should instruct your broker, bank or other nominee how to vote your shares on each proposal in accordance with your voting instruction form.

The Transaction cannot be completed unless both the transaction proposal and the stock issuance proposal are approved. Your vote is very important, regardless of the number of shares you own. Whether or not you expect to attend the special meeting online, please submit a proxy to vote your shares as promptly as possible to ensure that your shares may be represented and voted at the special meeting. If you receive more than one proxy card because you own shares registered in different names or addresses, each proxy should be submitted. If you attend the special meeting and vote online, your online vote will revoke any proxy previously submitted. If you neither return your proxy nor attend the special meeting online, your shares will not be counted for purposes of determining whether a quorum is present at the special meeting and will not be considered a vote cast on, and will have no effect on, the approval of the purchase agreement and the approval of the stock issuance. Similarly, if you hold your shares in “street name” and fail to instruct your

broker, bank or other nominee how to vote your shares, your shares will not be counted for purposes of determining whether a quorum is present and will not be considered a vote cast on, and will have no effect on, the approval of the purchase agreement and the approval of the stock issuance.

The obligations of Amneal, Kashiv, the sellers and the seller representative to complete the Transaction are subject to the satisfaction or waiver of certain conditions. The accompanying proxy statement contains detailed information about Amneal, the special meeting, the purchase agreement, the Transaction, the transaction proposal, the stock issuance proposal and the adjournment proposal. A copy of the purchase agreement is attached as Annex A to the accompanying proxy statement and incorporated therein by reference. Amneal urges you to, and you should, read the entire proxy statement carefully, including the entire purchase agreement and the entirety of the other annexes and documents referred to or incorporated by reference in the accompanying proxy statement. You may obtain additional information about Amneal from documents it has filed with the U.S. Securities and Exchange Commission.

If you have any questions or need assistance voting your shares of Amneal common stock, please contact Innisfree M&A Incorporated, Amneal’s proxy solicitor, by calling 877-717-3922 toll-free (banks and brokers may call 212-750-5833).

Neither the U.S. Securities and Exchange Commission nor any state securities regulatory agency has approved or disapproved of the purchase agreement, the Transaction or the stock issuance, passed upon the merits of the purchase agreement, the Transaction or the stock issuance or determined if the accompanying proxy statement is accurate or complete. Any representation to the contrary is a criminal offense.

The accompanying proxy statement is dated [•], 2026 and, together with the enclosed form of proxy card, is first being mailed to Amneal stockholders on or about [•], 2026.

YOUR VOTE IS VERY IMPORTANT, REGARDLESS OF THE NUMBER OF SHARES YOU OWN. WHETHER OR NOT YOU EXPECT TO ATTEND THE SPECIAL MEETING ONLINE, PLEASE SUBMIT A PROXY TO VOTE YOUR SHARES OVER THE INTERNET OR BY TELEPHONE PURSUANT TO THE INSTRUCTIONS CONTAINED IN THESE MATERIALS OR COMPLETE, DATE, SIGN AND RETURN A PROXY CARD AS PROMPTLY AS POSSIBLE TO ENSURE THAT YOUR SHARES MAY BE REPRESENTED AND VOTED AT THE SPECIAL MEETING. IF YOU RECEIVE MORE THAN ONE PROXY CARD BECAUSE YOU OWN SHARES REGISTERED IN DIFFERENT NAMES OR ADDRESSES, EACH PROXY SHOULD BE SUBMITTED. IF YOU ATTEND THE SPECIAL MEETING AND VOTE ONLINE, YOUR ONLINE VOTE WILL REVOKE ANY PROXY PREVIOUSLY SUBMITTED. IF YOU NEITHER RETURN YOUR PROXY NOR ATTEND THE SPECIAL MEETING ONLINE, YOUR SHARES WILL NOT BE COUNTED FOR PURPOSES OF DETERMINING WHETHER A QUORUM IS PRESENT AT THE SPECIAL MEETING AND WILL NOT BE CONSIDERED A VOTE CAST ON, AND WILL HAVE NO EFFECT ON, THE TRANSACTION PROPOSAL OR THE STOCK ISSUANCE PROPOSAL. SIMILARLY, IF YOU HOLD YOUR SHARES IN “STREET NAME” AND FAIL TO INSTRUCT YOUR BROKER, BANK OR OTHER NOMINEE HOW TO VOTE YOUR SHARES, YOUR SHARES WILL NOT BE COUNTED FOR PURPOSES OF DETERMINING WHETHER A QUORUM IS PRESENT AND WILL NOT BE CONSIDERED A VOTE CAST ON, AND WILL HAVE NO EFFECT ON, THE TRANSACTION PROPOSAL OR THE STOCK ISSUANCE PROPOSAL.

You may revoke your proxy at any time before the vote at the special meeting by following the procedures outlined in the accompanying proxy statement.

In order to vote online, you will need to log onto www.proxyvote.com and enter the 16-digit control number, which is located on your proxy card if you are a stockholder of record or in the voting instructions accompanying your proxy materials received from your broker, bank or other nominee if you hold your shares in “street name”.

If your shares of Amneal common stock entitled to vote are registered directly in your name, you are considered the stockholder of record with respect to such shares of Amneal common stock and you have the right to attend the special meeting and vote online. If you are a beneficial owner of shares held by a broker, bank or other

nominee and you wish to vote at the special meeting, you must follow the instructions on your voting instruction form to log onto www.proxyvote.com and enter the 16-digit control number from the broker, bank or other nominee that holds your shares authorizing you to vote at the special meeting.

The proxy statement of which this notice forms a part provides a detailed description of, and specific information concerning, the special meeting, the purchase agreement, the Transaction, the transaction proposal, the stock issuance proposal and the adjournment proposal. Amneal urges you to read the proxy statement, including any documents incorporated therein by reference, and its annexes carefully and in their entirety. If you have any questions concerning the Transaction or the proxy statement, would like additional copies of the proxy statement or need help voting your shares of Amneal common stock, please contact Amneal’s proxy solicitor, Innisfree M&A Incorporated, by calling 877-717-3922 toll-free (banks and brokers may call 212-750-5833).

The following are brief answers to certain questions that you may have regarding the Transaction, the special meeting and the proposals being considered at the special meeting. Amneal urges you to read the remainder of this proxy statement carefully and in its entirety because the information in this section does not provide all of the information that might be important to you with respect to the Transaction, the stock issuance, the special meeting and the proposals being considered at the special meeting. Additional important information is also contained in the annexes attached to this proxy statement and the documents referred to or incorporated by reference into this proxy statement.

If your broker, bank or other nominee holds your shares, you should also call your broker, bank or other nominee for additional information.

This proxy statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “hope,” “hopeful,” “likely,” “may,” “optimistic,” “possible,” “potential,” “preliminary,” “project,” “should,” “will,” “would” or the negative or plural of these words or similar expressions or variations. Forward-looking statements are made based upon management’s current expectations and beliefs and are not guarantees of future performance and include statements regarding the purchase agreement and the proposed transaction. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. These factors include, among others: (i) the completion of the proposed transaction on the anticipated terms and timing; (ii) the satisfaction of the conditions to the completion of the proposed transaction, including obtaining required stockholder and regulatory approvals; (iii) the risk that Amneal’s stock price may fluctuate during the pendency of the proposed transaction and may decline if the proposed transaction is not completed; (iv) potential litigation relating to the proposed transaction that could be instituted against Amneal or its directors, managers or officers, including the effects of any outcomes related thereto; (v) the risk that disruptions from the proposed transaction will harm Amneal’s business, including current plans and operations, including during the pendency of the proposed transaction; (vi) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vii) legislative, regulatory and economic developments; (viii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management’s response to any of the aforementioned factors; (ix) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (x) unexpected costs, liabilities or delays associated with the transaction; (xi) the response of competitors to the transaction; (xii) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; and (xiii) other risks set forth under the heading “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and in our subsequent filings with the SEC. You should not rely upon forward-looking statements as predictions of future events. Our actual results could differ materially from the results described in or implied by such forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation to update or revise these forward-looking statements.

Amneal is a diversified, global biopharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines. Amneal was founded in 2002 by brothers and co-CEOs Chirag and Chintu Patel and built on the belief that innovation only matters if it is accessible. Today, Amneal has a diverse and growing portfolio of approximately 300 complex generic, specialty and biosimilar medicines, delivering more than 160 million prescriptions annually, primarily in the United States. Amneal’s Affordable Medicines segment includes retail generics, injectables, and biosimilars. In Amneal’s Specialty segment, Amneal offers a portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders. Through Amneal’s AvKARE segment, Amneal is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. Amneal operates principally in the United States, India, and Ireland.

Amneal common stock is traded on Nasdaq under the ticker symbol “AMRX”.

Amneal’s principal executive offices are located at 400 Crossing Boulevard, Bridgewater, NJ 08807, and Amneal’s telephone number is (908) 947-3120. Amneal’s corporate web address is www.amneal.com. The information provided on Amneal’s website is not part of this proxy statement and is not incorporated in this proxy statement by reference or by any other reference to Amneal’s website provided in this proxy statement.

Additional information about Amneal is contained in its public filings with the U.S. Securities and Exchange Commission (the “SEC”), which filings are incorporated by reference herein. See the section of this proxy statement entitled “Where You Can Find Additional Information” beginning on page 133.

Kashiv is a vertically integrated biopharmaceutical company and is among a limited number of U.S.-based companies to both manufacture and receive marketing authorization for multiple biosimilars. With robust infrastructure and highly skilled teams with extensive expertise in the development and manufacturing of biosimilars, Kashiv offers research and development, clinical, manufacturing, and regulatory capabilities through its more than 600 team members globally. In addition, Kashiv’s expansive geographic partnerships reach more than 100 global markets.

The seller representative was formed on April 6, 2026, solely for the purpose of engaging in the transactions contemplated by the purchase agreement and has not engaged in any business activities other than as incidental to its formation and the maintenance of its existence and in connection with the transactions contemplated by the purchase agreement or any other transaction document.

The sellers are as follows:

This proxy statement is being provided to Amneal stockholders as part of a solicitation by the Amneal Board for proxies for use at the special meeting, to be held at the time and place specified below, and at any properly convened meeting following an adjournment or postponement of the special meeting.

The special meeting is scheduled to be held online via live audio webcast at www.virtualshareholdermeeting.com/AMRX2026SM on [•], 2026 at [•], Eastern Time. The special meeting will be held in an online meeting format only, with no physical in-person meeting.

At the special meeting, Amneal stockholders will be asked to consider and vote on the following proposals:

The approval of the transaction proposal by the affirmative vote, at the special meeting or any adjournment or postponement thereof, of a majority of votes cast by the Amneal disinterested stockholders entitled to vote as of the close of business on the record date is a condition to the completion of the Transaction. If the Amneal disinterested stockholders fail to approve the transaction proposal, the Transaction cannot occur.

The approval of the stock issuance proposal by the affirmative vote, at the special meeting or any adjournment or postponement thereof, of a majority of votes cast by the Amneal stockholders entitled to vote as of the close of business on the record date is a condition to the completion of the Transaction. If the Amneal stockholders fail to approve the stock issuance proposal, the Transaction cannot occur.

Other than the matters described above, Amneal does not expect a vote to be taken on any other matters at the special meeting or any adjournment or postponement thereof.

At a meeting of the Independent Committee held on April 20, 2026, the Independent Committee, upon consultation with Amneal’s management, with the outside financial advisor and outside legal counsel to the

Independent Committee, and with the outside legal counsel and other outside advisors to Amneal, unanimously (a) determined that the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of, Amneal and its stockholders (including the Amneal disinterested stockholders), (b) adopted, approved and declared advisable the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, (c) directed that the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, be submitted to Amneal’s stockholders for approval, (d) recommended that Amneal’s stockholders approve the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, and (e) recommended that the Amneal Board do each of the foregoing. The Independent Committee made these determinations after consultation with its outside legal counsel and financial advisor and consideration of various factors. Certain factors considered by the Independent Committee in reaching its decision to adopt and approve the purchase agreement and the transactions contemplated thereby and in reaching its decision to approve the stock issuance can be found in the section of this proxy statement entitled “The Transaction Proposal (Proposal 1) – Reasons for the Transaction and Recommendation of the Independent Committee and Amneal Board,” beginning on page 46.

The Independent Committee unanimously recommends that the Amneal stockholders vote “FOR” the transaction proposal and “FOR” the stock issuance proposal.

At the special meeting, stockholders will also be asked to vote on a proposal to adjourn the special meeting from time to time, as determined in accordance with the purchase agreement by the Independent Committee, including for the purpose of soliciting additional votes for the approval of the transaction proposal and the stock issuance proposal if there are insufficient votes at the time of the special meeting to approve the transaction proposal or the stock issuance proposal (the “adjournment proposal”).

The Independent Committee unanimously recommends that the Amneal stockholders vote “FOR” the adjournment proposal.

At a meeting of the Amneal Board held on April 20, 2026, the Amneal Board (excluding Chintu Patel, Chirag Patel and Gautam Patel, who did not participate in this portion of such meeting), upon the unanimous recommendation of the Independent Committee, (a) determined that the purchase agreement and the ancillary agreements to be entered into in connection therewith and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of, Amneal and its stockholders (including the Amneal disinterested stockholders), (b) adopted, approved and declared advisable the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, (c) directed that each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance be submitted to Amneal’s stockholders for approval, and (d) recommended that Amneal’s stockholders approve each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance. Certain factors considered by the Amneal Board in reaching its decision to adopt and approve the purchase agreement and the transactions contemplated thereby and in reaching its decision to approve the stock issuance can be found in the section of this proxy statement entitled “The Transaction Proposal (Proposal 1) – Reasons for the Transaction and Recommendation of the Independent Committee and Amneal Board” beginning on page 46.

The Amneal Board recommends that the Amneal stockholders vote “FOR” the transaction proposal and “FOR” the stock issuance proposal.

At the special meeting, stockholders will also be asked to vote on a proposal to adjourn the special meeting from time to time, as determined in accordance with the purchase agreement by the Independent Committee, including for the purpose of soliciting additional votes for the approval of the transaction proposal and the stock issuance proposal if there are insufficient votes at the time of the special meeting to approve the transaction proposal or the stock issuance proposal (the “adjournment proposal”).

The Amneal Board recommends that the Amneal stockholders vote “FOR” the adjournment proposal.

Only holders of record of Amneal common stock at the close of business on [•], 2026, the record date for the special meeting, will be entitled to notice of, and to vote at, the special meeting or any adjournments or postponements of the special meeting.

Holders of record of Amneal common stock are entitled to one vote for each share of Amneal common stock they own of record at the close of business on the record date. At the close of business on the record date, there were [•] shares of Amneal common stock issued and outstanding, held by approximately [•] holders of record.

Under Amneal’s bylaws, the presence, in person or represented by proxy, at the special meeting of the holders of a majority of the issued and outstanding shares of Amneal stock entitled to vote thereat at the close of business on the record date will constitute a quorum. Virtual attendance at the special meeting constitutes presence in person for purposes of a quorum at the special meeting. There must be a quorum for business (other than the adjournment proposal) to be conducted at the special meeting. If a quorum is not present, the presiding officer at the special meeting or the holders of a majority of the shares of Amneal common stock present in person or represented by proxy at the special meeting and entitled to vote thereon may adjourn the special meeting from time to time until a quorum is present. Abstentions will be counted as present and entitled to vote for purposes of determining whether a quorum is present at the special meeting. Pursuant to the New York Stock Exchange rules, which also govern brokers’ use of discretionary authority for Nasdaq-listed companies, brokers, banks and other nominees holding shares in “street name” do not have discretionary voting authority with respect to any of the three proposals described in this proxy statement. As a result, if a beneficial owner of shares of Amneal common stock held in “street name” does not give voting instructions to the broker, bank or other nominee, then those shares will not be counted as present in person or represented by proxy at the special meeting or counted as present for purposes of determining whether a quorum is present. In the event that a quorum is not present at the special meeting or additional votes must be solicited for the approval of the transaction proposal or the stock issuance proposal, the special meeting may be adjourned or postponed to solicit additional proxies.

The approval of the transaction proposal requires the affirmative vote, at the special meeting or any adjournment or postponement thereof, of a majority of votes cast by the Amneal disinterested stockholders entitled to vote as of the close of business on the record date.

The approval of the stock issuance proposal requires the affirmative vote, at the special meeting or any adjournment or postponement thereof, of a majority of votes cast by Amneal stockholders entitled to vote as of the close of business on the record date.

Approval of the adjournment proposal requires the affirmative vote of the holders of a majority of the shares of Amneal common stock present in person or represented by proxy at the special meeting and entitled to vote thereon.

An abstention occurs when a stockholder attends a meeting, either in person or by proxy, but abstains from voting. At the special meeting, abstentions will be counted as present for purposes of determining whether a quorum is present. As the threshold to approve each of the transaction proposal and the stock issuance proposal is based on the number of votes cast by the Amneal stockholders (with respect to the transaction proposal, only votes cast by the Amneal disinterested stockholders) at the special meeting as opposed to the total number of shares of Amneal common stock outstanding, abstaining from voting on the transaction proposal or the stock issuance proposal will not be considered a vote cast on, and will have no effect on, the transaction proposal or the stock issuance proposal. As the threshold to approve the adjournment proposal is based on the shares of Amneal common stock represented by Amneal stockholders present in person or represented by proxy at the special meeting and entitled to vote thereon, abstaining from voting on the adjournment proposal will have the same effect as a vote “AGAINST” the adjournment proposal.

Broker non-votes are shares held in “street name” by brokers, banks and other nominees that are present or represented by proxy at the special meeting, but with respect to which the broker, bank or other nominee is not instructed by the beneficial owner of such shares how to vote on a particular proposal and such broker, bank or other

nominee does not have discretionary voting power on such proposal. Pursuant to the New York Stock Exchange rules, which also govern brokers’ use of discretionary authority for Nasdaq-listed companies, brokers, banks and other nominees holding shares in “street name” do not have discretionary voting authority with respect to any of the three proposals described in this proxy statement. If a beneficial owner of shares of Amneal common stock held in “street name” does not give voting instructions to the broker, bank or other nominee, then those shares will not be counted as present in person or represented by proxy at the special meeting or counted as present for purposes of determining whether a quorum is present. As the threshold to approve each of the transaction proposal and the stock issuance proposal is based on the number of votes cast by the Amneal stockholders (with respect to the transaction proposal, only votes cast by the Amneal disinterested stockholders) at the special meeting as opposed to the total number of shares of Amneal common stock outstanding, if you fail to issue voting instructions to your broker, bank or other nominee, it will have no effect on the outcome of the transaction proposal or the stock issuance proposal. As the threshold to approve the adjournment proposal is based on the shares of Amneal common stock represented by Amneal stockholders present in person or represented by proxy at the special meeting and entitled to vote thereon, if you fail to issue voting instructions to your broker, bank or other nominee, it will have no effect on the outcome of the adjournment proposal.

If you are a stockholder of record and you do not attend the special meeting, sign and return your proxy card by mail or submit your proxy by telephone or over the internet, your shares will not be voted at the special meeting and will not be counted as present in person or represented by proxy at the special meeting for purposes of determining whether a quorum is present and therefore will not be considered a vote cast on, and will have no effect on, the transaction proposal, the stock issuance proposal or the adjournment proposal.

If no instruction as to how to vote is given (including no instruction to abstain from voting) in an executed, duly returned and not revoked proxy, the proxy will have the same effect as a vote “FOR” each of the transaction proposal, the stock issuance proposal and the adjournment proposal.

If your shares are registered directly in your name with Amneal’s transfer agent, you are considered a “stockholder of record.” Stockholders of record can vote their shares of Amneal common stock in the following four ways:

Even if you plan to attend the special meeting, you are encouraged to submit a proxy in advance by internet, telephone or mail to ensure that your shares will be represented and voted at the special meeting if you later decide not to attend the special meeting. Telephone and internet facilities for the submission of a proxy to vote shares will be available 24 hours a day and will close at 11:59 p.m., Eastern Time on [•], 2026. Proxy cards must be received no later than [•], 2026 in order to ensure that your shares are voted.

If your shares are held by your broker, bank or other nominee, you are considered the beneficial owner of shares held in “street name” and you will receive a form from your broker, bank or other nominee seeking

instruction from you as to how your shares should be voted. You should instruct your broker, bank or other nominee how to vote your shares on each proposal in accordance with your voting instruction form. If you beneficially own your shares and receive a voting instruction form, you can vote by following the instructions on your voting instruction form. Please refer to information from your bank, broker or other nominee on how to submit voting instructions.

Stockholders who are entitled to vote at the special meeting (and their duly appointed proxies) may attend the special meeting. You will need the 16-digit control number, which is included on your proxy card or voting instruction form, to be able to vote or ask questions during the special meeting. If you are an Amneal stockholder as of the record date (or a proxy thereof), you should enter your control number and follow the prompt to log in.

We encourage you to access the special meeting website 15 minutes prior to the start of the special meeting to check-in online. If you encounter any difficulties accessing the special meeting during the check-in or meeting time, please call the technical support number that will be posted on the special meeting log-in page.

You can change or revoke your proxy at any time before the final vote at the special meeting. If you are the stockholder of record, you may change or revoke your proxy by:

If you hold shares in “street name,” you may submit new voting instructions by contacting your bank, broker or other nominee. You may also change your vote at the special meeting.

If you submit a proxy or provide instructions to vote your shares and do not thereafter revoke such proxy or change such instructions in accordance with one of the methods set forth above, your shares will be represented and voted at the special meeting in accordance with your instructions. Attendance at the special meeting will not, in and of itself, result in the revocation of a proxy or cause your shares of Amneal common stock to be voted.

The Amneal Board is soliciting your proxy, and Amneal will bear the cost of soliciting proxies. Innisfree has been retained to assist with the solicitation of proxies. Innisfree will be paid a fee not to exceed $112,500 and will be reimbursed for certain fees and expenses for these and other advisory services in connection with the special meeting. Forms of proxies and proxy materials may also be distributed through brokers, banks and other nominees to the beneficial owners of shares of Amneal common stock, in which case these parties will be reimbursed for their reasonable out-of-pocket expenses. Proxies may also be solicited in person or by telephone, facsimile, electronic mail, or other electronic medium by Innisfree or, without additional compensation, by certain of Amneal’s directors, officers and employees.

In addition to the transaction proposal and the stock issuance proposal, Amneal stockholders are also being asked to approve the adjournment proposal, which will enable the adjournment of the special meeting from time to time, as determined in accordance with the purchase agreement by the Independent Committee, including for the purpose of soliciting additional votes in favor of the transaction proposal and the stock issuance proposal if there are not sufficient votes at the time of the special meeting to approve the transaction proposal and the stock issuance proposal. If a quorum is not present, the presiding officer at the special meeting or the holders of a majority of the votes entitled to be cast by the Amneal stockholders who are present in person or represented by proxy may adjourn the special meeting from time to time until a quorum is present. At any such adjourned meeting at which a quorum may be present, any business may be transacted which might have been transacted at the meeting as originally called. If the adjournment is for more than 30 days, or if, after the adjournment, a new record date is fixed for the

adjourned special meeting, a notice of the adjourned special meeting will be given to each stockholder of record entitled to vote at the special meeting. In addition, the special meeting could be postponed before it commences, subject to the terms of the purchase agreement. If the special meeting is adjourned or postponed, stockholders who have already submitted their proxies will be able to revoke them at any time prior to the final vote on the proposals. If you return a proxy and do not indicate how you wish to vote on the adjournment proposal, your shares will be voted in favor of the adjournment proposal.

The Independent Committee unanimously recommends a vote “FOR” the adjournment proposal, if necessary, to solicit additional proxies. In addition, the Amneal Board recommends a vote “FOR” the adjournment proposal, if necessary, to solicit additional proxies.

If you have more questions about the Transaction or how to submit your proxy, or if you need additional copies of this proxy statement or the enclosed proxy card or voting instructions, please contact Innisfree, Amneal’s proxy solicitor, by calling 877-717-3922 toll-free (banks and brokers may call 212-750-5833).

Amneal stockholders are being asked to approve a proposal to approve the purchase agreement and the transactions contemplated thereby, including the Transaction, pursuant to which, subject to the terms and conditions set forth therein, Amneal will purchase, and each seller will sell, convey, assign, transfer and deliver to Amneal, the Kashiv membership interests held by such seller, free and clear of all encumbrances, other than encumbrances imposed by applicable securities laws.

Assuming a quorum is present, the affirmative vote of a majority of votes cast by the holders of the outstanding shares of Amneal common stock that are Amneal disinterested stockholders entitled to vote as of the close of business on the record date to approve the purchase agreement at the special meeting or any adjournment or postponement thereof, is a condition to the completion of the Transaction. If the Amneal disinterested stockholders fail to approve the transaction proposal in accordance with such standard, the Transaction will not occur. Abstentions, broker non-votes and failures to vote, if any, will have no effect on the outcome of the transaction proposal. If you sign and return a proxy and do not indicate how you wish to vote on the transaction proposal, your shares will be voted in favor of the transaction proposal.

The Independent Committee unanimously recommends that Amneal stockholders vote “FOR” the transaction proposal. In addition, the Amneal Board recommends that Amneal stockholders vote “FOR” the transaction proposal.

The discussion of the Transaction and the purchase agreement in this proxy statement is qualified in its entirety by reference to the purchase agreement, a copy of which is attached to this proxy statement as Annex A and is hereby incorporated by reference into this proxy statement.

Upon the terms and subject to the conditions of the purchase agreement, at the closing, Amneal will purchase, and each seller will sell, convey, assign, transfer and deliver to Amneal, the Kashiv membership interests held by such seller, free and clear of all encumbrances, other than encumbrances imposed by applicable securities laws.

In consideration for the sale and transfer of the Kashiv membership interests and each seller’s agreement to be bound by the terms of the purchase agreement, (i) at the closing, Amneal will deliver or cause to be delivered to the sellers (to be allocated by the seller representative among the sellers in accordance with an allocation schedule to be delivered by the seller representative to Amneal prior to the closing (the “allocation schedule”)) (a) an aggregate amount in cash equal to $375,000,000, subject to certain adjustments including for cash, the funding of operations between signing and closing (subject to a cap equal to the product of $20,000,000 and the number of months (including prorated months) between signing and closing), indebtedness, transaction expenses and working capital fluctuations (relative to a target), and (b) 28,942,108 shares of Amneal Class A common stock, free and clear of all encumbrances, other than encumbrances arising under applicable securities laws; (ii) following the closing, the sellers will be eligible to receive up to an additional $350,000,000 in potential contingent cash payments from Amneal upon the achievement of certain regulatory milestones in the United States for up to six designated Kashiv product candidates; and (iii) during the 12-year period following the closing, the sellers will be eligible to receive certain potential contingent cash royalty payments from Amneal equal to 25% of the amount by which annual aggregate gross profits for certain products exceed specified gross profit hurdle amounts for the corresponding annual royalty period (in each case, as described in the sections of this proxy statement entitled “The Membership Interest Purchase Agreement,” beginning on page 62).

If the Transaction is not completed, Amneal will continue to operate its business without having acquired Kashiv.

To maximize stockholder value, the Amneal Board and Amneal management regularly review and assess Amneal’s operations and financial performance, industry conditions and related developments as they may impact

Amneal’s long-term strategic plans and objectives. Two key tenets of these long-term strategic plans and objectives are for Amneal to become one of America’s leading Affordable Medicines companies and for Amneal to strategically pursue opportunities to in-source the development and manufacture of its pharmaceutical programs.

As part of executing on these goals, the Amneal Board and Amneal management previously identified Amneal’s expansion into the large and growing biosimilars market as a key strategic and complementary opportunity for Amneal in the near-term, as numerous products with lucrative markets lose their exclusivity in the coming years. Amneal historically has invested significant time and resources in building a commercial team to market biosimilar products in the United States to support and grow Amneal’s position as a leading Affordable Medicines company. During this process, the Amneal Board and Amneal management identified meaningful benefits of having a vertically integrated biosimilars capability.

At the same time, the Amneal Board and Amneal management have been aware that an organic, greenfield expansion into the biosimilars market could create new challenges, including the significant time and resources required to build such capability from the ground up and bring biosimilar products to market, and that the delays that would likely arise from attempting an organic, greenfield expansion into the biosimilars market could prevent Amneal from taking advantage of attractive biosimilar opportunities as various products lose their exclusivity in the coming years. Finally, the Amneal Board and Amneal management have acknowledged the relative scarcity of attractive potential acquisition targets in the biosimilars market due to past industry consolidation and the current competitive landscape.

Given its strategic priorities, among other initiatives Amneal has, at various points in its history, engaged in, or considered engaging in, acquisition, licensing and other transactions with Kashiv, which is owned by certain members of the Amneal Group, including Chirag Patel and Chintu Patel, the Co-Chief Executive Officers of Amneal (together, the “Co-CEOs”), including transactions related to Kashiv’s biosimilars products and business. For example, in 2022, representatives of Kashiv and the Independent Committee, which was then comprised of Kevin Buchi, Jeff George, Deborah Autor, John Kiely and Shlomo Yanai, engaged in preliminary discussions regarding a potential acquisition by Amneal of, or a potential minority investment by Amneal in, Kashiv. At that time, the Independent Committee determined that any potential transaction with Kashiv was not advisable owing to, among other factors, constraints that then limited Amneal’s ability to finance a potential transaction. However, the Independent Committee left open the prospect of a potential transaction with Kashiv at a later time.

As a result of recent transactions with Kashiv, the Independent Committee has familiarity with Kashiv, which the Independent Committee considered to be helpful in connection with the negotiations described below. At the same time, in light of such recent transactions with Kashiv, the Independent Committee has also considered how actual results of products developed by Kashiv have compared to Kashiv’s forecasts. For example, certain forecasts of 505(b)(2) products that representatives of Kashiv presented in connection with Amneal’s 2021 acquisition from Kashiv of Kashiv Specialty Pharmaceuticals, LLC (a wholly-owned subsidiary of Kashiv focused on the development of complex generics, innovative drug delivery platforms and novel 505(b)(2) drugs), which acquisition was the subject of a 2023 settlement of a shareholder derivative litigation, were higher than the actual performance of those products post-transaction.

On June 4, 2025, representatives of Tarsadia Investments, LLC (“Tarsadia”) (whose affiliates are certain members of the Amneal Group and direct and indirect equityholders of Kashiv), acting on behalf of Kashiv and its affiliates, delivered a letter to the Amneal Board inquiring as to Amneal’s interest in a potential transaction to acquire Kashiv (the “June 2025 Kashiv Letter”). The June 2025 Kashiv Letter stated that Kashiv intended to commence a process to evaluate potential strategic alternatives, including a potential sale of Kashiv, asked about Amneal’s interest in engaging in discussions to acquire Kashiv, and stated that, upon execution of a confidential disclosure agreement (“CDA”), Kashiv would be prepared to share presentation materials regarding a potential transaction.

Following receipt of the June 2025 Kashiv Letter, on June 6, 2025, the Amneal Board adopted resolutions authorizing the execution of the CDA and the delivery of Kashiv’s presentation materials to Amneal’s independent directors. On June 9, 2025, Amneal and Kashiv executed the CDA and, on June 16, 2025, representatives of Kashiv provided the aforementioned presentation materials to Amneal, which materials set forth a preliminary non-binding proposal for Amneal to acquire Kashiv in exchange for: (i) $900 million in up-front consideration, consisting of $250 million in cash and $500 million in Amneal common stock and providing that the outstanding principal amount and unpaid interest under Kashiv’s primary term loan credit agreement (the “Kashiv Debt”) would not be

deducted from the purchase price, thereby resulting in approximately $150 million in additional value to be provided to the equityholders of Kashiv; (ii) up to $1.125 billion in success-based contingent milestones payable in cash (except that, for three products, up to 50% of the contingent consideration could be paid in common stock at Amneal’s election); and (iii) a 10-year royalty of 7.5% on net sales for Kashiv’s first seven pipeline programs payable in cash (the “June 2025 Kashiv Proposal”). The presentation materials also contained a set of forecasts for Kashiv prepared by Kashiv management (the “Kashiv Forecasts”).

On June 25, 2025, the Amneal Board held a meeting, which was also attended by Tushar Patel, in his capacity as an observer on the Amneal Board, and Amneal’s in-house counsel. Amneal’s in-house counsel provided an update on various legal matters, including Amneal’s receipt of the June 2025 Kashiv Letter and the June 2025 Kashiv Proposal, upon which Mr. Patel and the directors affiliated with Kashiv left the meeting. Following their recusal, the Amneal Board discussed the June 2025 Kashiv Letter and the June 2025 Kashiv Proposal and adopted resolutions (i) delegating to the Independent Committee the sole and exclusive power and authority, to the fullest extent permitted by the DGCL, to exercise all of the authority of the Amneal Board with respect to the review, consideration, negotiation, approval, recommendation, rejection, non-approval and non-recommendation of a potential transaction to acquire Kashiv (such transaction, together with any similar potential transaction involving the acquisition of all or a substantial part of Kashiv and/or its products or business, a “Potential Transaction”), including the authority to engage with Kashiv and its representatives for purposes of negotiating a Potential Transaction, that the Independent Committee, in its sole discretion, deems in the best interests of Amneal and its stockholders and to determine, authorize, implement and effectuate any and all aspects of any such Potential Transaction (including, without limitation, the consideration therefor) that may be deemed advisable, authorized or recommended by the Independent Committee, and any and all matters, actions and transactions that the Independent Committee may deem necessary, advisable or appropriate in connection therewith, (ii) resolving that the Amneal Board shall not authorize, approve or recommend any Potential Transaction without a prior favorable recommendation of the Independent Committee and (iii) determining that each of Kevin Buchi, Paul Meister, Jeff George, Deborah Autor and John Kiely, being the members of the Independent Committee, is a “disinterested director” (as defined in Section 144(e)(4) of the DGCL) with respect to any Potential Transaction and, in connection therewith, determining that each such member of the Independent Committee (a) is not and will not be a party to any Potential Transaction, (b) has no “material interest” (as defined in Section 144(e)(7) of the DGCL) in any Potential Transaction, (c) has no “material relationship” (as defined in Section 144(e)(8) of the DGCL) with Kashiv, any investor in Kashiv, any other member of the Amneal Group, any affiliate or associate of any of the foregoing (other than Amneal and its subsidiaries) or any other person that has or may have a material interest in any Potential Transaction, and (d) is independent under the rules and regulations of the Nasdaq Stock Market (“NASDAQ Rules & Regulations”), satisfies the applicable criteria for independence from Amneal under NASDAQ Rules & Regulations and satisfies the applicable criteria for independence from each of Kashiv, any investor in Kashiv, any other member of the Amneal Group, any affiliate or associate of any of the foregoing and any other person that has or may have a material interest in any Potential Transaction under NASDAQ Rules & Regulations (in each case treating such person as if such person was Amneal for purposes of applying such criteria to determine independence from such person).

Later on June 25, 2025, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of Richards, Layton & Finger, P.A. (“RLF”), outside legal counsel to the Independent Committee. The Independent Committee discussed the June 2025 Kashiv Proposal and the Amneal Board’s delegation of authority to the Independent Committee with respect to a Potential Transaction. The Independent Committee also discussed the potential engagement of a financial advisor and other outside advisors in connection with its review of a Potential Transaction and determined to proceed with interviews of prospective financial advisors, including representatives of Goldman Sachs & Co. LLC (“Goldman Sachs”). The Independent Committee further determined to solicit proposals from The Boston Consulting Group, Inc. (“BCG”) and InterPharmaLink AG (“IPL”), each of which had previously served as a consultant to the Independent Committee in connection with the Independent Committee’s evaluation of past transactions with Kashiv, and authorized representatives of the Independent Committee to negotiate and enter into engagement letters with BCG and IPL on behalf of the Independent Committee.

Following the meeting, the Independent Committee engaged BCG and IPL as consultants, with BCG formally engaged pursuant to an engagement letter entered into on July 3, 2025 and IPL formally engaged pursuant to an engagement letter entered into on July 29, 2025.

On July 15, 2025, the Independent Committee held two meetings, each attended by members of Amneal management unaffiliated with Kashiv and representatives of RLF and Blue Raven LLP (“Blue Raven”), each of which served as outside legal counsel to the Independent Committee. During the meetings, the Independent Committee interviewed representatives of prospective financial advisors, including representatives of Goldman Sachs. During the interview with representatives of Goldman Sachs, representatives of Goldman Sachs confirmed that Goldman Sachs had no material relationships with Amneal or Kashiv that would affect its ability to serve as the Independent Committee’s outside financial advisor. In executive session following the conclusion of the interviews, the Independent Committee discussed the prospective financial advisors and determined to engage Goldman Sachs based on Goldman Sachs’s reputation and experience in M&A generally, its independence, the qualifications and reputation of the Goldman Sachs team, and Goldman Sachs’s specific industry focus and experience. Goldman Sachs’s engagement was subsequently memorialized in an engagement letter with the Independent Committee, dated August 8, 2025.

On July 31, 2025, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of BCG, Goldman Sachs, RLF, Blue Raven and Simpson Thacher & Bartlett LLP (“STB”), outside legal counsel to Amneal. The Independent Committee received an update on the latest diligence regarding certain Kashiv early-stage products estimated by Kashiv management to launch by 2029 (the “Phase 1 Products”). The Independent Committee discussed the work conducted by its advisors and the differences between the Kashiv Forecasts and the significantly more conservative preliminary views developed by the Independent Committee’s advisors on behalf of the Independent Committee based on initial diligence, while noting that the Independent Committee was aware, based on its recent history of evaluating transactions with Kashiv, of the possibility that actual outcomes may not align with Kashiv’s forecasts regarding product launches. After the BCG and Goldman Sachs representatives left the meeting, members of Amneal management unaffiliated with Kashiv and the Independent Committee discussed the potential value of adding the Phase 1 Products to Amneal’s pipeline via an acquisition of Kashiv (including by expanding Amneal’s biosimilars portfolio), the potential costs of completing their development and the respective roles of the Independent Committee, its and Amneal’s outside advisors and the unaffiliated members of Amneal management in evaluating and potentially negotiating a Potential Transaction, including that the Independent Committee expected it would seek the assistance of members of Amneal management unaffiliated with Kashiv during this process, and those members of Amneal management should report to, and act at the direction of, the Independent Committee and maintain the confidence of the Independent Committee process. In executive session, and after the members of Amneal management and representatives of BCG, Goldman Sachs and STB left the meeting, the Independent Committee discussed the potential attractiveness of expanding Amneal’s biosimilars portfolio in support of its strategic initiatives via an acquisition of Kashiv and potential next steps to highlight for Kashiv the material discrepancies between the Kashiv Forecasts and the preliminary views of the Independent Committee.

On August 11, 2025, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of BCG, Goldman Sachs, RLF, Blue Raven and STB. The Independent Committee discussed the status of diligence being conducted by the Independent Committee’s advisors regarding Kashiv and its product pipeline. Representatives of Goldman Sachs presented Goldman Sachs’s preliminary financial analysis of Kashiv. After the BCG and Goldman Sachs representatives left the meeting, the Independent Committee and RLF continued the Independent Committee’s prior discussions regarding potential next steps to highlight for Kashiv the material discrepancies between the Kashiv Forecasts and the preliminary views of the Independent Committee. The Independent Committee and members of Amneal management also discussed risks and potential benefits of expanding Amneal’s biosimilar portfolio.

On August 15, 2025, representatives of Kashiv delivered to the Independent Committee updated Kashiv Forecasts, which had been revised to reflect recent guidance from the U.S. Food and Drug Administration (the “FDA”) regarding Phase 3 clinical trial waivers.

On August 27, 2025, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of BCG, Goldman Sachs, IPL, RLF, Blue Raven and STB. The Independent Committee initially discussed, with representatives of RLF and Blue Raven present, the status of diligence and discussions with Kashiv, including that Kashiv was reassessing the Kashiv Forecasts in light of potential Phase 3 clinical trial waivers for certain biosimilar product candidates based on recent FDA guidance, while noting that the Independent Committee was aware, based on its recent history of evaluating transactions with Kashiv, of the possibility that actual outcomes may not align with Kashiv’s forecasts regarding product launches.

After representatives of BCG, Goldman Sachs, IPL and STB joined the meeting, representatives of IPL presented IPL’s preliminary findings regarding the regulatory status and chemistry, manufacturing and controls of Kashiv’s late-stage programs. The Independent Committee then discussed these preliminary findings with IPL. In executive session, the Independent Committee further discussed IPL’s preliminary analysis and potential next steps to highlight for Kashiv the discrepancies between the Kashiv management program timelines and IPL’s assessment.

On October 1, 2025, the Independent Committee held a meeting attended by the Co-CEOs and Gautam Patel, an Amneal Board member also affiliated with Kashiv, as well as other members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, BCG, IPL, RLF and Blue Raven. The Co CEOs presented their views on potential benefits and risks of expanding Amneal’s biosimilars portfolio through a Potential Transaction and on certain adjustments to the Kashiv Forecasts that the Co-CEOs and other members of Amneal management identified based on a preliminary evaluation. In executive session, without the Co-CEOs, Gautam Patel or any other member of Amneal management in attendance other than Amneal’s in-house counsel, the Independent Committee and its advisors discussed, among other things, the risks and potential benefits of expanding Amneal’s biosimilars pipeline, the projected commercialization timelines and research and development costs for Kashiv’s late stage biosimilar programs and views of the Independent Committee’s advisors regarding Kashiv and its late-stage biosimilar programs. At the conclusion of the meeting, the Co-CEOs, Gautam Patel and other members of Amneal management unaffiliated with Kashiv rejoined the meeting, and the Independent Committee conveyed to the Co-CEOs that, while the Independent Committee’s outside advisors were continuing to conduct diligence on these and other items, there remained considerable discrepancies between the proposed adjustments to the Kashiv Forecasts presented by the Co-CEOs and the Independent Committee’s views of Kashiv’s key biosimilar programs based on the work conducted to date by the Independent Committee’s outside advisors.

On October 16, 2025, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of BCG, Goldman Sachs, RLF, Blue Raven and STB. Representatives of Goldman Sachs presented Goldman Sachs’s preliminary financial analysis of a Potential Transaction and discussed with the Independent Committee various strategic considerations related to a Potential Transaction, including expected growth in the biosimilars market, the expected significant costs and time that would be required for Amneal to build manufacturing capabilities comparable to Kashiv’s and to pursue such a strategic alternative in lieu of a Potential Transaction and the positioning of Amneal’s competitors in the biosimilar market. Representatives of Goldman Sachs also reviewed other prospective biosimilar acquisition targets for Amneal and discussed the scarcity of such acquisition targets as well as various concerns as to the viability of acquiring each such prospective target. The Independent Committee discussed with its advisors the relative scarcity of viable acquisition targets, and other considerations regarding the risks and potential benefits of acquiring each such target. The Independent Committee discussed with its advisors its views as to the advisability of continuing to pursue an acquisition of a biosimilars pipeline like Kashiv’s, and the potential risk that failing to do so could adversely affect Amneal’s ability to maintain its position as a leading U.S. Affordable Medicines business, including because of the significant time and investment that would be required to build comparable capabilities internally, which could delay Amneal’s expansion into the biosimilars market and hinder its ability to take advantage of attractive biosimilar opportunities as various products lose their exclusivity in the coming years. Representatives of Goldman Sachs also reviewed and discussed with the Independent Committee the key economic terms of the June 2025 Kashiv Proposal and the advice of the Independent Committee’s other advisors, which included discussion regarding the extent to which the Kashiv Forecasts contemplated materially shorter launch timelines and lower research and development costs as compared to the views of the Independent Committee based on the diligence of Kashiv’s late-stage biosimilar programs conducted by its advisors to date. The Independent Committee discussed the economic terms of the June 2025 Kashiv Proposal, the Independent Committee’s desire to reduce the amount of up-front consideration to an amount less than the $900 million contemplated by the June 2025 Kashiv Proposal, and the prospect of making a counterproposal to Kashiv that would reduce the up-front consideration and focus more on contingent milestone and royalty consideration as a potential way of mitigating the risk to Amneal of a Potential Transaction while preserving upside for both parties. Following further discussion, the Independent Committee directed representatives of Goldman Sachs to discuss with representatives of J.P. Morgan Securities LLC (“JPM”), the outside financial advisor to Kashiv, the significant discrepancies between the parties’ forecasts and valuations, and Kashiv’s perspective on a potential transaction structure with less up-front consideration and greater emphasis on contingent royalty and milestone payments.

Following the October 16, 2025 meeting of the Independent Committee, on October 20, 2025, at the direction of the Independent Committee, representatives of Goldman Sachs engaged in a discussion with representatives of

JPM and conveyed the feedback of the Independent Committee described in the immediately preceding paragraph. During such discussion, representatives of JPM verbally proposed to revise the June 2025 Kashiv Proposal to reflect $750 million (rather than $900 million) in up-front consideration and noted that Kashiv was withdrawing its request that the Kashiv Debt not be deducted from the purchase price. Representatives of JPM emphasized that Kashiv now had very little room to move in terms of the up-front consideration it was seeking in a potential sale of Kashiv. Following such discussion, representatives of Goldman Sachs relayed the contents of such discussion to Kevin Buchi, a member of the Amneal Board and the Chairman of the Independent Committee.

On October 29, 2025, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, RLF and Blue Raven. Representatives of Goldman Sachs updated the Independent Committee on their October 20, 2025 discussion with representatives of JPM, including Kashiv’s revision of the June 2025 Kashiv Proposal to provide for $750 million, rather than $900 million, in up-front consideration. The Independent Committee then engaged in a discussion with representatives of Goldman Sachs regarding different counterproposal frameworks designed to further limit up-front consideration and mitigate potential risks associated with the development of Kashiv’s products through milestone and royalty payments. Following discussion, the Independent Committee directed representatives of Goldman Sachs to continue engaging with representatives of JPM and to prepare an illustrative counterproposal for consideration by the Independent Committee reflecting the latest phase of diligence and the prospective up-front, milestone and royalty components discussed by the Independent Committee during the meeting.

On November 5, 2025, the Independent Committee held a meeting attended by a member of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, BCG and RLF. The Independent Committee received an update on the latest phase of diligence regarding Kashiv’s late-stage biosimilar products. The Independent Committee discussed revenue and research and development analyses for Kashiv prepared on behalf of the Independent Committee, which reflected continued diligence and new information provided by Kashiv management (including the submission of Kashiv’s Biologics License Application (“BLA”) with the FDA for its biosimilar version of the Xolair product). After representatives of BCG left the meeting, representatives of Goldman Sachs discussed with the Independent Committee certain illustrative terms and structures of a potential counterproposal to acquire Kashiv. The Independent Committee and representatives of Goldman Sachs discussed the potential structure and size of up-front, milestone and royalty components of a potential counterproposal. The Independent Committee discussed prospective up-front consideration amounts ranging from $500 million to $750 million. Representatives of Goldman Sachs informed the Independent Committee that representatives of JPM had conveyed that Kashiv had very little room to move in terms of the up-front consideration it was seeking and that, as a result, representatives of Goldman Sachs anticipated that Kashiv would have a negative reaction to a counterproposal contemplating an amount of up-front consideration at the lower-end of the range that was under consideration at the time. The Independent Committee then discussed the prospect of conveying a counterproposal that would characterize the amount of up-front consideration as $600 million but with half of the proposed up-front consideration payable in equity issued at a to-be-determined premium to Amneal’s current stock price, such that the actual present value of the up-front consideration would be less than $600 million (i.e., such that the total shares to be issued would have an aggregate market value of less than $300 million), and would include royalty and milestone payment structures designed to mitigate risk and align incentives. The Independent Committee also discussed the potential benefits and risks of acquiring Kashiv as compared to maintaining the status quo, and observed that failing to acquire Kashiv could materially impede Amneal’s ability to grow in a rapidly expanding biosimilar market and, as a result, could ultimately be detrimental to Amneal’s long-term prospects. Following discussion of the foregoing, the Independent Committee directed representatives of Goldman Sachs to further revise the terms of an illustrative counterproposal for consideration by the Independent Committee, including through changes to the proposed up-front, milestone and royalty payment components.

On November 12, 2025, the Independent Committee held a meeting attended by representatives of Goldman Sachs, RLF and Blue Raven. Representatives of Goldman Sachs discussed with the Independent Committee a potential counterproposal to acquire Kashiv reflecting the Independent Committee’s discussion and feedback at the prior meeting, which counterproposal would include up-front consideration of $600 million, consisting of $300 million in Amneal Class A common stock issued at $14 per share (representing a premium to Amneal’s stock price at the time, such that the equity consideration would have an actual market value below $300 million at the time) and $300 million in cash; up to $250 million in milestone cash payments, comprised of separate standalone milestone cash payments payable in respect of Kashiv’s key programs if such program were to commercially launch on the timelines projected by Kashiv; and a royalty cash payment of 20% on any “excess gross profits” realized by

Amneal from Kashiv’s pipeline for a 10-year term (which was defined as a royalty on gross profits exceeding 30% of the gross profits forecasted by Kashiv). The Independent Committee discussed the terms of the prospective counterproposal, the benefits of using contingent milestone and royalty payments designed to mitigate risk and the strategic benefits of acquiring Kashiv and its pipeline. Following discussion and the receipt and consideration of advice from its outside advisors, the Independent Committee directed representatives of Goldman Sachs to convey the counterproposal to JPM. Following the meeting, representatives of Goldman Sachs delivered the counterproposal to JPM as directed by the Independent Committee.

On December 3, 2025, representatives of JPM, on behalf of Kashiv, delivered a counterproposal to representatives of Goldman Sachs (the “December 2025 Kashiv Proposal”). The December 2025 Kashiv Proposal contemplated (i) $750 million in up-front consideration, consisting of $375 million in cash and $375 million in Amneal Class A common stock (issued based on Amneal’s trading price and not a premium); (ii) up to $500 million in milestone cash payments, comprised of two standalone $250 million tranches, with the first tranche providing for separate milestone payments tied to each of Kashiv’s six key products that would be payable, on a product-by-product basis, if such product were to either receive U.S. regulatory approval within 12 months after Kashiv’s forecasted approval date or be the first or second biosimilar to its reference product to receive U.S. regulatory approval (regardless of approval date), and with the second tranche providing for separate milestone payments tied to each of Kashiv’s six key products that would be payable, on a product-by-product basis, if such product were to remain as one of only one or two biosimilars to its reference product on the market in the U.S. for 12 months following such product’s commercial launch date; and (iii) a 25% royalty cash payment on any “excess gross profits” realized by Amneal from Kashiv’s pipeline, defined as a royalty on gross profits exceeding 25% of the gross profits forecasted by Kashiv, for a 12-year term. In connection with the submission of the December 2025 Kashiv Proposal, representatives of JPM indicated that the $750 million in up-front consideration contemplated by the December 2025 Kashiv Proposal represented Kashiv’s “best and final” offer with respect to the up-front consideration.

On December 18, 2025, the Independent Committee held a meeting attended by representatives of Goldman Sachs, BCG, IPL, RLF and Blue Raven. Representatives of IPL reviewed the November 25, 2025 “Refusal to File” letter that had recently been received by Kashiv for Kashiv’s BLA for its biosimilar version of the Xolair product and explained that, despite this development, IPL still expected this product to launch by the beginning of 2027. After representatives of IPL left the meeting, representatives of Goldman Sachs reviewed the terms and conditions of, and Goldman Sachs’s preliminary financial analysis of, the December 2025 Kashiv Proposal, including additional information received from Kashiv regarding the prospect of additional tax benefits that could be obtained from a Potential Transaction. The Independent Committee and its outside advisors discussed and weighed Kashiv’s “best and final” characterization of the $750 million up-front consideration against the Independent Committee’s preference for lower up-front consideration as a potential means of mitigating risk. The Independent Committee and its outside advisors also discussed the potential strategic benefits of acquiring Kashiv and expanding Amneal’s biosimilar portfolio given anticipated growth in this space, the potential risks of maintaining the status quo and the relative scarcity of other reasonably available alternative business initiatives that could provide comparable capabilities or strategic benefits and prospective terms for a counterproposal, including the likelihood that, based on the analysis and forecasts prepared on behalf of the Independent Committee, a Potential Transaction would generate significant value for Amneal even with $750 million in up-front consideration. After discussion, and upon receipt and consideration of advice from its advisors, the Independent Committee determined to proceed with a counterproposal that retained $750 million in up-front consideration but reduced the proposed milestone and royalty payments in various respects, including with respect to the time for approval for the milestone payments and royalty duration (the “December 2025 IC Proposal”). The Independent Committee provided feedback on these terms and, after further discussion, unanimously supported proceeding with a counterproposal and directed representatives of Goldman Sachs to convey the Independent Committee’s proposal to JPM. After the meeting, at the direction of the Independent Committee, representatives of Goldman Sachs delivered the December 2025 IC Proposal to representatives of JPM consistent with the terms reviewed with the Independent Committee.

Between December 24, 2025 and January 5, 2026, representatives of Goldman Sachs, on behalf of Amneal, and representatives of JPM, on behalf of Kashiv, engaged in a series of discussions regarding the December 2025 IC Proposal, which culminated in representatives of JPM delivering to representatives of Goldman Sachs, on January 5, 2026, Kashiv’s counterproposal (the “January 2026 Kashiv Proposal”), which representatives of JPM characterized as Kashiv’s “best and final” offer and which contemplated (i) $750 million in up-front consideration, consisting of $375 million in cash and $375 million in Amneal Class A common stock (issued based on Amneal’s trading price

and not a premium); (ii) the reimbursement by Amneal of Kashiv’s monthly expenses incurred during the period between signing and closing (the “expense reimbursement”); (iii) up to $350 million in milestone cash payments, comprised of one standalone $250 million tranche and one standalone $100 million tranche, with the first tranche providing for separate milestone payments tied to each of Kashiv’s six key products that would be payable, on a product-by-product basis, if such product were to either receive U.S. regulatory approval within 9 months after Kashiv’s forecasted approval date or be the first or second biosimilar to its reference product to receive U.S. regulatory approval (regardless of approval date), and with the entirety of the second tranche payable if Kashiv’s Creon product were to remain as one of only one or two biosimilars to Creon on the market in the U.S. for 12 months following its commercial launch date; and (iv) a 25% royalty on any “excess gross profits” realized by Amneal from Kashiv’s pipeline, defined as a royalty on gross profits exceeding 25% of the gross profits forecasted by Kashiv, for a 12-year term.

On January 8, 2026, IPL provided an update to the Independent Committee, noting that Kashiv responded to the concerns FDA raised in the November 25, 2025 “Refusal to File” letter and planned to resubmit the BLA for its proposed biosimilar version of the Xolair product on January 5, 2026. The BLA resubmission sought approval for all indications of the reference product Xolair and applied for the following strengths and presentations of the reference product Xolair: injection (75 mg/0.5 mL; 300 mg/2 mL solution in a single-dose prefilled syringe) and injection (75 mg/0.5 ml and 150 mg/mL in a single-dose prefilled autoinjector). Kashiv did not propose the 300 mg/2 mL single-dose prefilled autoinjector or the 150 mg lyophilized powder for injection in the BLA resubmission.

On January 16, 2026, the Independent Committee held a meeting attended by Amneal’s in-house counsel and representatives of Goldman Sachs, BCG, IPL, RLF, Blue Raven and STB. Representatives of IPL reported that Kashiv had resubmitted the BLA for its proposed biosimilar version of the Xolair product, and discussed with the Independent Committee Kashiv’s response to the FDA’s prior deficiencies, the likelihood of acceptance for filing and the extent to which a successful resubmission could affect the expected launch timing for this product. After the IPL representatives left the meeting, representatives of Goldman Sachs reviewed with the Independent Committee the terms of the January 2026 Kashiv Proposal, including the up-front, milestone and royalty components, and how those terms compared to the December 2025 Kashiv Proposal and the June 2025 Kashiv Proposal. Representatives of Goldman Sachs reviewed with the Independent Committee Goldman Sachs’s preliminary financial analysis of the January 2026 Kashiv Proposal and discussed with the Independent Committee potential responses and related considerations. After representatives of Goldman Sachs and BCG left the meeting, the Independent Committee discussed, among other things, the terms of the January 2026 Kashiv Proposal and the meaningful improvements that the Independent Committee had negotiated to the up-front, milestone and royalty components through negotiations with Kashiv. The Independent Committee also discussed the significant cost requirements and timing delays that would arise if Amneal were to attempt to develop its own manufacturing and research and development capabilities comparable to those of Kashiv, the relative scarcity of attractive alternative acquisition targets and other potential benefits and risks of acquiring Kashiv as compared to maintaining the status quo. Following additional discussion of the foregoing, the Independent Committee unanimously determined that it was supportive of moving forward with the terms contemplated by the January 2026 Kashiv Proposal, subject to confirmatory diligence, Kashiv’s successful resubmission of the BLA for its biosimilar version of the Xolair product and the satisfactory negotiation of definitive transaction documents. In addition, following discussion with representatives of RLF, Blue Raven and STB, the Independent Committee directed representatives of RLF to reach out to representatives of Kashiv to convey, on the Independent Committee’s behalf, that the Independent Committee intended to condition any Potential Transaction on the approval of a majority of the votes cast by the Amneal disinterested stockholders, and further directed the advisors to begin drafting a term sheet reflecting the proposed terms of the Potential Transaction reflected in the January 2026 Kashiv Proposal.

Following the Independent Committee meeting, on January 18, 2026, representatives of RLF contacted a representative of Tarsadia to convey that the Independent Committee intended to condition any potential acquisition of Kashiv on the approval of a majority of the votes cast by the Amneal disinterested stockholders. On January 30, 2026, representatives of Tarsadia advised representatives of RLF and STB that Kashiv was supportive of including such a condition in the definitive transaction documentation.

On February 2, 2026, representatives of RLF, STB, Goldman Sachs, Tarsadia, JPM and Holland & Knight LLP (“H&K”), outside legal counsel to Kashiv, convened via videoconference to discuss the preparation of draft transaction documents and the parties’ positions on various issues.

On February 3, 2026, the Independent Committee held a meeting attended by representatives of Goldman Sachs, BCG, IPL, RLF, Blue Raven and STB. Representatives of RLF reported on recent discussions with Kashiv’s representatives, including Kashiv’s support for conditioning any Potential Transaction on approval by a majority of the votes cast by the Amneal disinterested stockholders. Representatives of Goldman Sachs provided an update on the draft term sheet contemplating a Potential Transaction and summarized JPM’s feedback on the proposed draft. The Independent Committee provided feedback on the draft term sheet and directed representatives of Goldman Sachs, RLF and STB to prepare an updated draft term sheet reflecting these discussions. Representatives of IPL reported that the FDA had not yet provided feedback on Kashiv’s resubmitted BLA for its Xolair product.

On February 24, 2026, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, IPL, RLF, Blue Raven and STB. The Independent Committee received an update on negotiations, the status of diligence and draft transaction documents regarding a Potential Transaction.

Later on February 24, 2026, representatives of H&K sent to representatives of STB an initial draft of the purchase agreement reflecting up-front consideration, milestone and royalty terms consistent with the January 2026 Kashiv Proposal. Among other matters, this initial draft also provided that (i) the Independent Committee and the Amneal Board would be prohibited from changing their recommendation that the Amneal stockholders vote to approve the Potential Transaction and (ii) the parties would not have any recourse against each other following the closing for breaches of pre-closing covenants contained in the purchase agreement.

On March 6, 2026, the FDA accepted Kashiv’s BLA submission for its biosimilar version of the Xolair product for substantive review.

On March 14, 2026, representatives of STB, in consultation with representatives of RLF, sent to representatives of H&K a revised draft of the purchase agreement. Among other things, this draft provided that (i) the Independent Committee and the Amneal Board would be permitted to change their recommendation to the Amneal stockholders in response to any “intervening event” as defined in the purchase agreement and (ii) the parties would indemnify each other following the closing for breaches of pre-closing covenants contained in the purchase agreement.

On March 19, 2026, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, IPL, RLF, Blue Raven and STB. The Independent Committee received an update on the business and financial diligence being conducted in respect of Kashiv, negotiations regarding draft transaction documents for a Potential Transaction and the retention of a representation and warranty insurance policy in connection with a Potential Transaction. The Independent Committee and representatives of IPL also discussed Kashiv’s receipt of FDA acceptance for its biosimilar version of the Xolair product and updated BLA timelines for Kashiv’s other biosimilar products.

On March 25, 2026, representatives of H&K sent to representatives of STB a revised draft of the purchase agreement. Among other things, this draft (i) accepted the ability of the Independent Committee and the Amneal Board to change their recommendation to Amneal stockholders but proposed that, upon any such change of recommendation, Kashiv would be entitled to terminate the purchase agreement and collect from Amneal a termination fee in an amount to be specified and (ii) reiterated Kashiv’s prior proposal regarding the absence of post-closing recourse for pre-closing covenant breaches.

On March 27, 2026, representatives of H&K, STB and RLF convened via videoconference to discuss open issues in the purchase agreement.

On April 1, 2026, representatives of STB, in consultation with representatives of RLF, sent to representatives of H&K a revised draft of the purchase agreement. Among other things, this draft (i) accepted Kashiv’s prior proposal regarding Kashiv’s ability to terminate the purchase agreement upon a change of recommendation but provided that Amneal would not be obligated to pay Kashiv a termination fee in such circumstance and (ii) reiterated Amneal’s prior proposal regarding post-closing indemnification for pre-closing covenant breaches.

Over the course of the week of April 6, 2026, members of Amneal management unaffiliated with Kashiv, representatives of Kashiv, and representatives of the parties’ outside advisors on multiple occasions convened via videoconference (both with principals present and in “advisors-only” calls) to discuss open issues in the purchase agreement and the ancillary agreements.

On April 9, 2026, the Independent Committee held a meeting attended by members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, IPL, RLF, Blue Raven, STB and KPMG US (“KPMG”), Amneal’s outside tax, finance and accounting advisor. The Independent Committee discussed an updated version of the analyses discussed at its November 5, 2025 meeting (which revisions reflected a delay in the anticipated launch of Kashiv’s biosimilar version of the Xolair product as a result of the delayed acceptance of its BLA); Kashiv’s updated budget for 2026; updates from the Independent Committee’s advisors reflecting the latest guidance from the FDA on biosimilars development; and results of further due diligence from members of Amneal management unaffiliated with Kashiv, including revisions of Kashiv’s cost structures for each product in Kashiv’s late-stage biosimilar program and Amneal management’s assessment of potential synergies and cost controls. The Independent Committee received an update on tax diligence and related considerations and the status of negotiations regarding draft transaction documents for a Potential Transaction, including an update on the key issues in the purchase agreement that remained open and the parties’ respective positions on those issues. Following discussion, the Independent Committee provided feedback on the remaining open issues and directed representatives of STB to convey such feedback to Kashiv.

On April 12, 2026, representatives of H&K sent to representatives of STB a revised draft of the purchase agreement. Among other things, this draft (i) accepted Amneal’s prior proposal that Amneal would not owe Kashiv a termination fee upon Kashiv’s termination of the purchase agreement following a change of recommendation and (ii) reiterated Kashiv’s prior proposal regarding the absence of post-closing recourse for covenant breaches.

Over the course of the week of April 13, 2026, members of Amneal management unaffiliated with Kashiv, representatives of Kashiv, and representatives of the parties’ outside advisors on multiple occasions convened via videoconference (both with principals present and in “advisors-only” calls) to discuss open issues in the purchase agreement and the ancillary agreements.

On April 16, 2026, the Independent Committee held a meeting, which was attended by independent Amneal Board members Ted Nark and Shlomo Yanai at the invitation of the Independent Committee, as well as members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, IPL, KPMG, RLF and STB. Representatives of Goldman Sachs reviewed with the Independent Committee Goldman Sachs’s preliminary financial analysis of the proposed acquisition of Kashiv. Members of Amneal management unaffiliated with Kashiv presented the Independent Committee with further revisions to the analyses reviewed by the Independent Committee at its April 9, 2026 meeting (as revised, the “Amneal Forecasts”), which revisions reflected further analysis as to future changes in net working capital to align with future forecasted changes in revenue, accounted for future growth in capital expenditures beginning in 2031, and incorporated revised estimates of future taxes. The Amneal Forecasts, which were used for purposes of Goldman Sachs’s preliminary financial analyses reviewed during the meeting, were considered and discussed by the Independent Committee. The Independent Committee and Messrs. Nark and Yanai also discussed the key proposed terms, Goldman Sachs’s preliminary financial analyses and the strategic rationale for acquiring Kashiv, including the Independent Committee’s view of the importance of expanding in the biosimilars space, the relative scarcity of attractive alternative acquisition targets to grow Amneal’s biosimilars pipeline, the significant cost and timing implications if Amneal were to develop its own manufacturing capabilities comparable to those of Kashiv on a standalone basis, and the strategic fit and vertical integration opportunities presented by Kashiv. After Messrs. Nark and Yanai left the meeting, representatives of STB and RLF updated the Independent Committee on the status of negotiations with respect to the purchase agreement, the remaining open items and the ancillary draft transaction documents, including a prospective amendment to the Amneal stockholders agreement. The Independent Committee directed representatives of STB and RLF to convey the Independent Committee’s responses on certain remaining open items. In addition, the Independent Committee further discussed the Amneal Forecasts and, following discussion, approved the Amneal Forecasts, including for use by Goldman Sachs in its financial analysis of a Potential Transaction.

On April 17, 2026, representatives of STB, in consultation with representatives of RLF, sent to representatives of H&K a revised draft of the purchase agreement. Among other things, this draft included post-closing indemnification for pre-closing covenant breaches.

Over the course of the next several days, representatives of H&K, STB and RLF exchanged drafts of, and convened via videoconference to discuss the remaining open issues in, the purchase agreement and other transaction documentation, including, among other things, the particular terms of the expense reimbursement and the purchase price adjustments for indebtedness and working capital.

On April 20, 2026, the Independent Committee held a meeting attended by Messrs. Nark and Yanai, members of Amneal management unaffiliated with Kashiv and representatives of Goldman Sachs, IPL, RLF, Blue Raven and STB. The Independent Committee and Messrs. Nark and Yanai received an update on the principal changes to the purchase agreement and other transaction documents since the Independent Committee’s prior meeting and the key terms of the proposed draft transaction documents regarding a Potential Transaction, which were in substantially final form. After the members of Amneal management and the representatives of IPL left the meeting, representatives of Goldman Sachs reviewed with the Independent Committee Goldman Sachs’s financial analysis of the proposed transaction and rendered to the Independent Committee its oral opinion, which was subsequently confirmed in writing by Goldman Sachs’s opinion dated as of April 21, 2026, to the effect that, and based upon and subject to the various qualifications, limitations and assumptions set forth in such written opinion, the consideration to be paid by Amneal in the Potential Transaction pursuant to the purchase agreement was fair, from a financial point of view, to Amneal. Following further discussion, and after Messrs. Nark and Yanai and the Goldman Sachs representatives left the meeting, the Independent Committee unanimously approved and adopted resolutions (i) determining that the purchase agreement, the amendment to the Amneal stockholders agreement and the other transaction documents, and the Transaction, the stock issuance and other transactions contemplated by the transaction documents, are advisable, fair to and in the best interests of Amneal and its stockholders (including the Amneal disinterested stockholders); (ii) approving the execution, delivery and performance of the purchase agreement, the amendment to the Amneal stockholders agreement and the other transaction documents, and the consummation of the Transaction, the stock issuance and the other transactions contemplated by the transaction documents, (iii) recommending that the Amneal Board adopt, approve and declare advisable the purchase agreement, the amendment to the Amneal stockholders agreement and the other transaction documents and the Transaction, the stock issuance and the other transactions contemplated by the transaction documents and (iv) recommending that the Amneal stockholders vote in favor of the approval of the purchase agreement and the transactions contemplated thereby, including the Transaction, and the stock issuance, and further recommending that the Amneal Board make the same recommendation to the Amneal stockholders.

Following the conclusion of the Independent Committee meeting, on April 20, 2026, a meeting of the Amneal Board was held, with Amneal’s independent directors and independent Amneal Board observer, members of Amneal management unaffiliated with Kashiv and representatives of STB and RLF in attendance for the initial portion of the meeting. During the initial portion of the meeting, and upon the recommendation of the Independent Committee, the Amneal Board adopted resolutions (i) determining that the purchase agreement, the amendment to the Amneal stockholders agreement and the other transaction documents, and the Transaction, the stock issuance and other transactions contemplated by the transaction documents, are advisable, fair to and in the best interests of Amneal and its stockholders (including the Amneal disinterested stockholders); (ii) approving the execution, delivery and performance of the purchase agreement, the amendment to the Amneal stockholders agreement and the other transaction documents, and the consummation of the Transaction, the stock issuance and the other transactions contemplated by the transaction documents and (iii) recommending that the Amneal stockholders vote in favor of the approval of the purchase agreement and the transactions contemplated thereby, including the Transaction, and the stock issuance.

On April 21, 2026, following the close of the trading day, the parties entered into the purchase agreement.

On April 22, 2026, prior to the open of the trading day, the parties publicly announced their entry into the purchase agreement.

At a meeting of the Independent Committee held on April 20, 2026, the Independent Committee, upon consultation with Amneal’s management, with the outside financial advisor and outside legal counsel to the Independent Committee, and with the outside legal counsel and other outside advisors to Amneal, unanimously (a) determined that the purchase agreement and the ancillary agreements to be entered into in connection therewith and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of, Amneal and its stockholders (including the Amneal disinterested stockholders), (b) adopted, approved and declared advisable the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, (c) directed that the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, be submitted

to Amneal’s stockholders for approval, (d) recommended that Amneal’s stockholders approve the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, and (e) recommended that the Amneal Board do each of the foregoing.

At a meeting of the Amneal Board held on April 20, 2026, the Amneal Board (excluding Chintu Patel, Chirag Patel and Gautam Patel, who were not present for this portion of such meeting), upon the unanimous recommendation of the Independent Committee, (a) determined that the purchase agreement and the ancillary agreements to be entered into in connection therewith and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of, Amneal and its stockholders (including the Amneal disinterested stockholders), (b) adopted, approved and declared advisable the purchase agreement and such ancillary agreements and the transactions contemplated thereby, including the Transaction and the stock issuance, (c) directed that each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance be submitted to Amneal’s stockholders for approval, and (d) recommended that Amneal’s stockholders approve each of (i) the purchase agreement and the transactions contemplated thereby, including the Transaction, and (ii) the stock issuance.

When you consider the recommendations of the Independent Committee and the Amneal Board, you should be aware that Amneal’s executive officers and directors may have interests in the Transaction that may be different from, or in addition to, the interests of Amneal’s stockholders generally. These interests are described in the section entitled “The Transaction Proposal (Proposal 1) – Interests of Amneal’s Executive Officers and Directors in the Transaction”.

In the course of reaching its decision, the Independent Committee, upon consultation with Amneal’s management, with the outside financial advisor, outside legal counsel and other outside advisors to the Independent Committee, and with the outside legal counsel and other outside advisors to Amneal, reviewed a significant amount of information and considered a number of potentially positive factors that it believed supported its decision, including, among others, the following (not necessarily in order of relative importance):

In the course of reaching its decision, the Independent Committee also considered and balanced against the potential benefits of the Transaction a number of potentially adverse factors with respect to the Transaction and the other transactions contemplated by the purchase agreement including, among others, the following (not necessarily in the order of relative importance):

While the Independent Committee considered potentially positive and potentially negative factors, the Independent Committee concluded that, overall, the potentially positive factors outweigh the potentially negative factors. Accordingly, the Independent Committee unanimously determined that the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and fair to, and in the best interests of, Amneal and its stockholders (including the Amneal disinterested stockholders).

The foregoing discussion is not intended to be an exhaustive list of the information and factors considered by the Independent Committee in its consideration of the Transaction, but includes the material positive factors and material negative factors considered by the Independent Committee in that regard. In view of the number and variety of factors, the Independent Committee did not find it practicable to, nor did it attempt to, make specific assessments of, quantify, or otherwise assign relative weights to, the specific factors considered in reaching its determination. In addition, individual members of the Independent Committee may have given different weights to different factors. Based on the totality of the information presented, the Independent Committee collectively reached the unanimous decision to authorize and approve the execution, delivery and performance of the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, in light of the factors described above and other factors that the members of the Independent Committee considered appropriate.

The Amneal Board also determined that the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, are advisable and in the best interests of Amneal and its stockholders (including the Amneal disinterested stockholders). In the course of reaching its decision, the Amneal Board, upon consultation with Amneal’s management and with the outside legal counsel and other outside advisors to Amneal, considered a number of potentially positive factors that it believed supported its decision and also considered and balanced against the potential benefits of the Transaction a number of potentially adverse factors with respect to the Transaction and the other transactions contemplated by the purchase agreement including, among others, the following (not necessarily in order of relative importance):

The foregoing discussion is not intended to be an exhaustive list of the information and factors considered by the Amneal Board in its consideration of the Transaction, but includes the material positive factors and material negative factors considered by the Amneal Board in that regard. In view of the number and variety of factors, the Amneal Board did not find it practicable to, nor did it attempt to, make specific assessments of, quantify, or otherwise assign relative weights to, the specific factors considered in reaching its determination. In addition, individual members of the Amneal Board may have given different weights to different factors. Based on the totality of the information presented, the Amneal Board collectively reached the decision to authorize and approve the execution, delivery and performance of the purchase agreement and the transactions contemplated thereby, including the Transaction and the stock issuance, in light of the factors described above and other factors that members of the Amneal Board considered appropriate.

Portions of this explanation of Amneal’s reasons for the Transaction and other information presented in this section are forward-looking in nature and, therefore, should be read in light of the section entitled “Cautionary Statement Regarding Forward-Looking Statements”, beginning on page 27 of this proxy statement.

At the meeting of the Independent Committee on April 20, 2026, Goldman Sachs delivered its oral opinion to the Independent Committee that, as of the date of its opinion and based upon and subject to the factors and assumptions set forth therein, the (i) $375 million in cash, as adjusted (the “adjustments”) pursuant to Section 1.5 of the purchase agreement, (ii) 28,942,108 shares of Amneal Class A common stock, (iii) up to $350 million of milestone payments (the “milestone payments”), payable in cash, based upon the timing of each of (a) regulatory approval of certain products of Kashiv exceeding certain threshold percentages of “value” (as defined in the purchase agreement), (b) entrance by competitors into the respective markets for such products and (c) commercial launch in the United States of a certain such product, as applicable, and (iv) royalty payments, payable in cash over a twelve year period beginning on the first full calendar quarter commencing on or after the closing, based upon the amount of gross profits of Kashiv in excess of certain thresholds (the “royalty payments”, and clauses (i) through (iv) collectively, the “consideration”) to be paid by Amneal for all of the membership interests of Kashiv pursuant to the purchase agreement was fair from a financial point of view to Amneal. Goldman Sachs confirmed its oral opinion by delivering its written opinion, dated April 21, 2026, to the Independent Committee that, as of such date and based upon and subject to the factors and assumptions set forth therein, the consideration to be paid by Amneal for all of the membership interests of Kashiv pursuant to the purchase agreement was fair from a financial point of view to Amneal.

The full text of the written opinion of Goldman Sachs, dated April 21, 2026, which sets forth assumptions made, procedures followed, matters considered and limitations on the review undertaken in connection with the opinion, is attached as Annex D. The summary of Goldman Sachs’ opinion contained in this proxy statement is qualified in its entirety by reference to the full text of Goldman Sachs’ written opinion. Goldman Sachs provided advisory services and its opinion for the information and assistance of the Independent Committee in connection with its consideration of the Transaction. Goldman Sachs’ opinion is not a recommendation as to how any holder of Amneal common stock should vote with respect to the Transaction, or any other matter.

In connection with rendering the opinion described above and performing its related financial analyses, Goldman Sachs reviewed, among other things:

Goldman Sachs also held discussions with members of the senior managements of Amneal, Kashiv and the seller representative regarding their assessment of the strategic rationale for, and the potential benefits of, the Transaction and the past and current business operations, financial condition, and future prospects of Amneal and Kashiv; reviewed the reported price and trading activity for Amneal Class A common stock; compared certain financial information for Kashiv and certain financial and stock market information for Amneal with similar financial and stock market information for certain other companies the securities of which are publicly traded; reviewed the financial terms of certain recent business combinations in the biosimilars industry and in other industries; and performed such other studies and analyses, and considered such other factors, as it deemed appropriate.

For purposes of rendering its opinion, Goldman Sachs, with the consent of the Independent Committee, relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, it, without assuming any responsibility for independent verification thereof. In that regard, Goldman Sachs assumed, with the Independent Committee’s consent, that the Amneal Forecasts, the synergies, the Tax Attributes Forecasts, and the estimates were reasonably prepared on a basis reflecting the best currently available estimates and judgments of the Independent Committee. Goldman Sachs did not make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheet assets and liabilities) of Amneal, Kashiv or any of their respective subsidiaries and it was not furnished with any such evaluation or appraisal. Goldman Sachs assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the Transaction will be obtained without any adverse effect on Amneal or Kashiv or on the expected benefits of the Transaction in any way meaningful to its analysis. Goldman Sachs also assumed that the Transaction will be consummated on the terms set forth in the purchase agreement, without the waiver or modification of any term or condition the effect of which would be in any way meaningful to its analysis.

Goldman Sachs’ opinion does not address the underlying business decision of Amneal to engage in the Transaction or the relative merits of the Transaction as compared to any strategic alternatives that may be available to Amneal; nor does it address any legal, regulatory, tax or accounting matters. Goldman Sachs’ opinion addresses only the fairness from a financial point of view, as of the date of the opinion, of the consideration to be paid by Amneal for all of the membership interests of Kashiv pursuant to the purchase agreement. Goldman Sachs’ opinion does not express any view on, and does not address, any other term or aspect of the purchase agreement or the Transaction or any term or aspect of any other agreement or instrument contemplated by the purchase agreement or entered into or amended in connection with the Transaction, including the fairness of any ongoing obligations of Amneal or Kashiv, any allocation of the consideration to be paid by Amneal for all of the membership interests of Kashiv, the fairness of the Transaction to, or any consideration received in connection therewith by, the holders of any other class of securities, creditors, or other constituencies of Amneal or Kashiv; nor as to the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of Amneal, Kashiv, the seller representative or, as applicable, the sellers, or class of such persons in connection with the Transaction, whether relative to the consideration to be paid by Amneal for all of the membership interests of Kashiv pursuant to the purchase agreement or otherwise. Goldman Sachs’ opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of,

the date of its opinion and Goldman Sachs assumes no responsibility for updating, revising or reaffirming its opinion based on circumstances, developments or events occurring after the date of its opinion. In addition, Goldman Sachs does not express any opinion as to the prices at which shares of Amneal common stock will trade at any time, as to the potential effects of volatility in the credit, financial and stock markets on Amneal, the seller representative, the sellers, Kashiv or the Transaction, or as to the impact of the Transaction on the solvency or viability of Amneal, the seller representative, the sellers or Kashiv or the ability of Amneal, the seller representative, the sellers or Kashiv to pay their respective obligations when they come due. Goldman Sachs’ advisory services and its opinion were provided for the information and assistance of the Independent Committee in connection with its consideration of the Transaction and the opinion does not constitute a recommendation as to how any holder of Amneal common stock should vote with respect to such Transaction or any other matter. Goldman Sachs’ opinion was approved by a fairness committee of Goldman Sachs.

The following is a summary of the material financial analyses delivered by Goldman Sachs to the Independent Committee in connection with rendering the opinion described above. The following summary, however, does not purport to be a complete description of the financial analyses performed by Goldman Sachs, nor does the order of analyses described represent relative importance or weight given to those analyses by Goldman Sachs. Some of the summaries of the financial analyses include information presented in tabular format. The tables must be read together with the full text of each summary and are alone not a complete description of Goldman Sachs’ financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before April 17, 2026, the last trading day before the Independent Committee approved the Transaction, and is not necessarily indicative of current market conditions.

Illustrative Present Value of Consideration Analysis. Using the estimates, Goldman Sachs calculated the risk-adjusted net present value of the consideration to be paid by Amneal for all of the membership interests of Kashiv as follows. Goldman Sachs took the cash consideration of $375 million and the Amneal Class A common stock with an aggregate value of $375 million, in each case payable upon closing pursuant to the purchase agreement, and reflected such amounts at their nominal values. Goldman Sachs then calculated the risk-adjusted net present value, as of December 31, 2025, of the milestone payments payable pursuant to the purchase agreement, which had an aggregate nominal value of $350 million, by applying to each milestone payment the probability of success of the underlying product (ranging from 20% to 93%) and the expected year of approval of such product, in each case, as projected by the management of Amneal and approved for Goldman Sachs’ use by the Independent Committee, and discounting the resulting risk-adjusted milestone payments to present value using the mid-year convention and an estimated weighted average cost of capital of 12.0%, with payments to be made within one year of the closing considered at nominal value. This analysis resulted in an aggregate risk-adjusted net present value of the milestone payments of $125 million. Goldman Sachs then calculated the risk-adjusted net present value, as of December 31, 2025, of the royalty payments payable pursuant to the purchase agreement over the applicable twelve year period, as projected by the management of Amneal its advisors and approved for Goldman Sachs’ use by the Independent Committee, by applying to the projected gross profit of the applicable products a 25.0% royalty rate on gross profit in excess of the excluded profits, and discounting the resulting royalty payments to present value using the mid-year convention and an estimated weighted average cost of capital of 12.0%. This analysis resulted in a risk-adjusted net present value of the royalty payments of $124 million. Goldman Sachs then aggregated the foregoing components and added the estimated adjustments of $65 million to derive a risk-adjusted net present value of the consideration of $1.063 billion.

Illustrative Discounted Cash Flow Analysis. Using the Amneal Forecasts (excluding synergies) and the Amneal Forecasts (including synergies), in each case, including the Tax Attributes Forecasts, and the estimates, Goldman Sachs performed an illustrative discounted cash flow analysis on Kashiv to derive a range of illustrative present enterprise values. Using the mid-year convention for discounting cash flows and discount rates ranging from 11.0% to 13.0%, reflecting estimates of Kashiv’s weighted average cost of capital, Goldman Sachs discounted to present value as of December 31, 2025 (i) estimates of unlevered free cash flow for Kashiv for the fiscal years 2026 through 2035 as reflected in the Amneal Forecasts (excluding synergies) and the Amneal Forecasts (including synergies) and (ii) a range of illustrative terminal values for Kashiv, which were calculated by applying perpetuity growth rates ranging from 0.0% to 1.5%, to a terminal year estimate of the unlevered free cash flow to be generated by Kashiv, as reflected in the Amneal Forecasts (excluding synergies) and the Amneal Forecasts (including synergies) (which analysis, in each case, implied terminal year EBITDA exit multiples ranging from 5.6x to 7.8x). The range of perpetuity growth rates was estimated by Goldman Sachs utilizing its professional judgment and experience, taking into account the Amneal Forecasts and market expectations regarding long-term real growth of gross domestic

product and inflation. Goldman Sachs derived such discount rates by application of the capital asset pricing model, which requires certain company-specific inputs, including Kashiv’s target capital structure weightings, the cost of long-term debt, after-tax yield on permanent excess cash, if any, future applicable marginal cash tax rate and a beta for Kashiv, as well as certain financial metrics for the United States financial markets generally.

The discounted unlevered cash flow analysis implied intrinsic Kashiv enterprise values of between $1.6 billion and $2.1 billion (based on the Amneal Forecasts (excluding synergies)) and between $1.9 billion and $2.3 billion (based on the Amneal Forecasts (including synergies)).

The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Goldman Sachs’ opinion. In arriving at its fairness determination, Goldman Sachs considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly comparable to Amneal or Kashiv or the Transaction.

Goldman Sachs prepared these analyses for purposes of Goldman Sachs’ providing its opinion to the Independent Committee as to the fairness from a financial point of view to Amneal of the consideration to be paid by Amneal for all of the membership interests of Kashiv pursuant to the purchase agreement. These analyses do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses. Because these analyses are inherently subject to uncertainty, being based upon numerous factors or events beyond the control of the parties or their respective advisors, none of Amneal, Kashiv, Goldman Sachs or any other person assumes responsibility if future results are materially different from those forecasts.

The consideration to be paid by Amneal for all of the membership interests of Kashiv was determined through arm’s-length negotiations between Amneal and Kashiv and was approved by the Independent Committee. Goldman Sachs provided advice to the Independent Committee during these negotiations. Goldman Sachs did not, however, recommend any specific amount of consideration to Amneal, the Amneal Board or the Independent Committee or that any specific amount of consideration constituted the only appropriate consideration for the Transaction.

As described above, Goldman Sachs’ opinion to the Independent Committee was one of many factors taken into consideration by the Independent Committee in making its determination to approve the purchase agreement. The foregoing summary does not purport to be a complete description of the analyses performed by Goldman Sachs in connection with the fairness opinion and is qualified in its entirety by reference to the written opinion of Goldman Sachs attached as Annex D.

Goldman Sachs and its affiliates (collectively, “Goldman Sachs Affiliated Entities”) are engaged in advisory, underwriting, lending and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of Amneal, the seller representative, the sellers (as applicable) and any of their respective affiliates and third parties, including affiliates of Tushar Patel, a significant shareholder of Amneal and Kashiv, and affiliates of Chintu Patel and Chirag Patel, each, a significant shareholder of Kashiv (collectively, “Relevant Entities”) or any currency or commodity that may be involved in the transactions contemplated by the purchase agreement. Goldman Sachs Investment Banking has an existing lending relationship with Amneal. Goldman Sachs acted as financial advisor to the Independent Committee in connection with, and participated in certain of the negotiations leading to, the Transaction. Goldman Sachs has provided certain financial advisory and/or underwriting services to Amneal and/or its affiliates from time to time for which Goldman Sachs Investment Banking has received, and may receive, compensation, including having acted as bookrunner in connection with an offering of senior secured notes by Amneal in July 2025; as bookrunner in connection with a bank loan to Amneal in July 2025; and as bookrunner in connection with a bank loan to Amneal in January 2026. During the two-year period ended April 21, 2026, Goldman Sachs has recognized compensation for financial advisory and/or underwriting services provided by Goldman Sachs

Investment Banking to Amneal and/or its affiliates of less than $500,000. During the two-year period ended April 21, 2026, Goldman Sachs Investment Banking has not been engaged by Kashiv or its Related Entities (excluding Tushar Patel, Chintu Patel, Chirag Patel and their other affiliates) to provide financial advisory or underwriting services for which Goldman Sachs has recognized compensation. As of April 21, 2026, Goldman Sachs Investment Banking was not mandated by Kashiv and/or its Related Entities (excluding Tushar Patel, Chintu Patel, Chirag Patel and their other affiliates) to provide any such person financial advisory and/or underwriting services. As of April 21, 2026, Goldman Sachs Investment Banking was not soliciting Kashiv and/or its Related Entities (excluding Tushar Patel, Chintu Patel, Chirag Patel and their other affiliates) to work on financial advisory and/or underwriting matters for any such persons on which it had not been mandated. During the two-year period ended April 21, 2026, Goldman Sachs Investment Banking has not been engaged by the seller representative, the sellers or any of their respective affiliates to provide financial advisory or underwriting services for which Goldman Sachs has recognized compensation. During the two-year period ended April 21, 2026, Goldman Sachs Investment Banking has not been engaged by Tushar Patel, Chintu Patel, Chirag Patel or their respective Related Entities (excluding, as applicable, Amneal, Kashiv and their respective subsidiaries) to provide financial advisory or underwriting services for which Goldman Sachs has recognized compensation. As of April 21, 2026, Goldman Sachs Investment Banking was not mandated by Tushar Patel, Chintu Patel, Chirag Patel and/or their respective Related Entities (excluding, as applicable, Amneal, Kashiv and their respective subsidiaries) to provide any such person financial advisory and/or underwriting services. As of April 21, 2026, Goldman Sachs Investment Banking was not soliciting Tushar Patel, Chintu Patel, Chirag Patel and/or their respective Related Entities (excluding, as applicable, Amneal, Kashiv and their respective subsidiaries) to work on financial advisory and/or underwriting matters for any such persons on which it had not been mandated. Goldman Sachs may also in the future provide financial advisory and/or underwriting services to the Relevant Entities and their respective affiliates for which Goldman Sachs Investment Banking may receive compensation.

As of April 21, 2026, Goldman Sachs Affiliated Entities had (i) no direct GS Principal Investment (as defined below) in Amneal and/or its affiliates (excluding Tushar Patel and his other affiliates), (ii) no direct GS Principal Investment in Kashiv and/or its Related Entities (as defined below) (excluding Tushar Patel, Chintu Patel, Chirag Patel and their other affiliates), (iii) no direct GS Principal Investment in affiliates of Tushar Patel (excluding Amneal, Kashiv and their respective subsidiaries), (iv) no direct GS Principal Investment in affiliates of Chintu Patel (excluding Kashiv and its subsidiaries) and (v) no direct GS Principal Investment in affiliates of Chirag Patel (excluding Kashiv and its subsidiaries).

On the public side of Goldman Sachs’ informational wall (the “Public Side”) and in the ordinary course of its various business activities, Goldman Sachs Affiliated Entities may also own equity securities in the Relevant Entities, and/or their respective affiliates arising from engaging in market making, trade execution, clearing, custody, margin lending and other similar financing transactions, securities lending, and related activities (including by acting as agent for third parties executing their transactions or as principal supplying liquidity to market participants, and any related hedging, other risk management or inventory management) (collectively, “Market Making Activities”), which positions change frequently. Regulatory, informational and operational barriers separate the Public Side from Goldman Sachs Investment Banking.

For purposes of this section of the proxy statement, (x) Goldman Sachs relied on its books and records to (i) unless otherwise indicated, calculate all amounts and (ii) determine whether an entity is an affiliate, portfolio company, subsidiary or majority-owned subsidiary of another entity, and (y) the following terms have the definitions set forth below:

GS Principal Investments (including any associated commitments) are (i) direct balance sheet investments in equity interests or equity securities held by Goldman Sachs Affiliated Entities for its own account or (ii) direct investments in equity interests held by a fund managed by a Goldman Sachs Affiliated Entity which fund is primarily for the benefit of Goldman Sachs Affiliated Entities and/or its current and former employees and not third party clients. GS Principal Investments do not include equity interests arising from Market Making Activities, equity derivatives, convertible debt instruments, or warrants or equity kickers received in connection with senior secured loans, mezzanine loans, warehouse loans, preferred equity with a fixed rate of return or other similar types of financing transactions (which may also be subject to hedging or other risk-mitigating instruments). GS Principal Investments also do not include investments by funds managed by Goldman Sachs Affiliated Entities which funds are almost entirely for the benefit of third-party clients (“GS Client Funds”), which funds can co-invest alongside,

and/or make investments in, the Relevant Entities or their respective Related Entities. As investment managers for GS Client Funds, Goldman Sachs Affiliated Entities are required to fulfill a fiduciary responsibility to GS Client Funds in making decisions to purchase, sell, hold or vote on, or take any other action with respect to, any financial instrument.

Related Entities are, as applicable, a person or entity’s subsidiaries, affiliates, portfolio companies and/or funds managed thereby.

The Independent Committee selected Goldman Sachs as its financial advisor because, among other things, it is an internationally recognized investment banking firm that has substantial experience in transactions similar to the Transaction. Pursuant to a letter agreement dated August 8, 2025, the Independent Committee engaged Goldman Sachs to act as its financial advisor in connection with the Transaction. The engagement letter between Amneal, the Independent Committee and Goldman Sachs provides for $15 million in fees, $12.5 million of which is contingent upon consummation of the Transaction. In addition, Amneal has agreed to reimburse Goldman Sachs for certain of its expenses, including attorneys’ fees and disbursements, and to indemnify Goldman Sachs and related persons against various liabilities, including certain liabilities under the federal securities laws.

Amneal does not, as a matter of course, publicly disclose forecasts or projections as to its future financial results beyond the then-current fiscal year due to, among other things, the inherent difficulty of accurately predicting financial performance for future periods and the uncertainty, unpredictability and subjectivity as to the underlying assumptions and estimates. However, at the direction of the Independent Committee, and based in part upon the analyses of the Independent Committee’s outside advisors, members of Amneal management unaffiliated with Kashiv presented to the Independent Committee, at its April 16, 2026 meeting, forecasts of Kashiv, which are referred to as the “Amneal Forecasts” in the section above entitled “The Transaction Proposal (Proposal Number 1) – Background of the Transaction” and in this section as well. Upon the direction and with the consent of the Independent Committee, the Amneal Forecasts were provided to Goldman Sachs for its use and reliance in connection with its financial analyses that are summarized above under “The Transaction Proposal (Proposal Number 1) – Opinion of Financial Advisor to the Independent Committee”. Goldman Sachs expressed no view or opinion as to the Amneal Forecasts or the assumptions on which they were based. A summary of the Amneal Forecasts is set forth below.

As described in the section above entitled “The Transaction Proposal (Proposal Number 1) – Background of the Transaction”, during the course of its consideration of the Transaction, the Independent Committee also received and reviewed (i) forecasts of Kashiv that were prepared by Kashiv management (which are referred to as the “Kashiv Forecasts” in the section above entitled “The Transaction Proposal (Proposal Number 1) – Background of

the Transaction” and in this section as well) and (ii) forecasts of Kashiv incorporating certain adjustments to the Kashiv Forecasts that the Co-CEOs and other members of Amneal management proposed based on their preliminary evaluation of a Potential Transaction prior to Amneal management conducting due diligence, inclusive of finalizing its revenue assessment and evaluating the cost structure of Kashiv. While the Independent Committee received and reviewed these other forecasts in its consideration of the Transaction, it did not adopt or otherwise endorse these other forecasts and instructed Goldman Sachs not to use or rely on these other forecasts in connection with its financial analyses that are summarized above under “The Transaction Proposal (Proposal Number 1) – Opinion of Financial Advisor to the Independent Committee”. A summary of these other forecasts is set forth below.

The Amneal Forecasts and the other forecasts described in this section (collectively, the “Forecasts”) were not prepared with a view to public disclosure or with a view toward compliance with SEC rules and are included in this proxy statement only because they were received and reviewed by the Independent Committee and, in the case of the Amneal Forecasts, were provided to Goldman Sachs for its use and reliance in connection with its financial analyses summarized above under “The Transaction Proposal (Proposal 1) – Opinion of Financial Advisor to the Independent Committee.” The Forecasts were not prepared with a view to compliance with accounting principles generally accepted in the United States of America (“GAAP”), the published guidelines of the SEC regarding forecasts and forward-looking statements or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. The Forecasts were prepared by, and are the responsibility of, the persons noted as having prepared them. Neither Ernst & Young LLP (“E&Y”), Amneal’s independent auditor, nor Grant Thornton LLP (“Grant Thornton”), Kashiv’s independent auditor, nor any other audit or accounting firm, has audited, reviewed, examined, compiled or applied agreed-upon procedures with respect to the Forecasts and, accordingly, no such audit or accounting firm expresses an opinion or any other form of assurance with respect thereto. The E&Y report incorporated by reference in this proxy statement relates to Amneal’s historical financial statements and the Grant Thornton report included in this proxy statement relates to Kashiv’s historical financial statements. Neither of such audit reports extends to the Forecasts nor should it be read to do so. The Forecasts were prepared solely for internal use and are subjective in many respects. The parties have not made any representations and warranties to each other, in the purchase agreement or otherwise, concerning any projected financial information, including the Forecasts.

The Forecasts are forward-looking statements. Although this summary of the Forecasts is presented with numerical specificity, the Forecasts reflect numerous variables, assumptions and estimates as to future events that the preparer of the applicable Forecasts believed were reasonable at the time such Forecasts were prepared, taking into account the relevant information available to such person at the time and presented as of the time of the preparation, to the best of such person’s knowledge and belief, the expected course of action and the expected future financial performance of Kashiv as described above and subject to certain assumptions and limitations. Such variables, assumptions and estimates are inherently uncertain and many are beyond the control of Amneal, Kashiv and other persons. Amneal cautions shareholders that future results could be materially different from the Forecasts. Because the Forecasts cover multiple years, by their nature, they become less predictive with each successive year. The information contained in the Forecasts is not fact and should not be relied upon as being necessarily indicative of actual future results. The Forecasts are subject to estimates and assumptions in many respects and, as a result, subject to interpretation. These estimates and assumptions may prove inaccurate for any number of reasons, including general economic conditions, competition and other risks. For information on factors that may cause Amneal’s future results to materially vary, see the section of this proxy statement entitled “Cautionary Statement Regarding Forward-Looking Statements”, beginning on page 27 of this proxy statement.

In addition, the Forecasts do not take into account any circumstances or events occurring after the date that they were prepared and, except to the extent specifically contemplated by the line items in the Amneal Forecasts that include synergies, do not give effect to the Transaction. Because the Forecasts were developed on a stand-alone basis without, other than as specifically noted in the immediately preceding sentence, giving effect to the Transaction, they do not reflect any divestitures or other restrictions that may be imposed in connection with the receipt of any necessary governmental or regulatory approvals, any synergies realized as a result of the Transaction (except as specifically noted above) or any changes to Amneal’s operations or strategy that may be implemented after completion of the Transaction. As a result, for these and other reasons noted herein, there can be no assurance that the Forecasts will be realized, and actual results may be materially better or worse than those contained in the Forecasts. The inclusion of this information should not be regarded as an indication that Amneal, the Independent Committee, the Amneal Board, Goldman Sachs, Kashiv and their respective representatives or affiliates or any other recipient of this information considered, or now considers, the Forecasts to be necessarily predictive of actual future results. The summary of the Forecasts is not included in this proxy statement to induce any stockholder to vote in favor of the transaction proposal, the stock issuance proposal or the adjournment proposal or to take or not take any other action.

Except to the extent required by applicable federal securities laws, Amneal does not intend to, and expressly disclaims any responsibility to, update or otherwise revise the Forecasts to reflect circumstances existing after the date when the Forecasts were prepared or to reflect the occurrence of future events or changes in general economic or industry conditions, even in the event that any of the assumptions underlying the Forecasts are shown to be in error. By including in this document a summary of certain financial projections, neither Amneal nor any of its representatives or advisors (including Goldman Sachs) nor Kashiv or its representatives or affiliates makes any representation to any person regarding the ultimate performance of Amneal or Kashiv compared to the information contained in such financial forecasts and should not be read to do so.

Certain of the measures included in the Forecasts may be considered non-GAAP financial measures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as used by Amneal may not be comparable to similarly titled amounts used by other companies. With the consent of the Independent Committee, the non-GAAP financial measures were relied upon by Goldman Sachs in connection with its financial analyses summarized above under “The Transaction Proposal (Proposal 1) – Opinion of Financial Advisor to the Independent Committee”, beginning on page 50 of this proxy statement, and by the Independent Committee in connection with its consideration of the Transaction. Financial measures provided to a financial advisor in connection with a business combination transaction are excluded from the definition of non-GAAP financial measures and therefore are not subject to SEC rules regarding disclosures of non-GAAP financial measures, which would otherwise require a reconciliation of a non-GAAP financial measure to a GAAP financial measure. Reconciliations of non-GAAP financial measures were not relied upon by Goldman Sachs for purposes of its financial analyses and opinion or by the Independent Committee in connection with its consideration of the Transaction. Amneal has not provided reconciliations of the non-GAAP financial measures included in these projections to the comparable GAAP measure

due to the lack of reasonably accessible or reliable comparable GAAP measures for these measures and the inherent difficulty in forecasting and quantifying the measures that are necessary for such reconciliation. Accordingly, a reconciliation of the financial measures is not included herein.

In considering the recommendations of the Independent Committee and the Amneal Board that you vote to approve the transaction proposal and the stock issuance proposal, you should be aware that, aside from their interests as Amneal stockholders, certain Amneal directors and executive officers may have interests in the Transaction that are different from, or in addition to, the interests of Amneal stockholders generally, which may create potential conflicts of interest. These interests are described in more detail below. Each of the Independent Committee and the Amneal Board was aware of these interests and considered them when it approved the purchase agreement, the Transaction and the stock issuance.

Chirag Patel, President and Co-Chief Executive Officer of Amneal and a member of the Amneal Board, Chintu Patel, Co-Chief Executive Officer of Amneal and a member of the Amneal Board, and Gautam Patel, a member of the Amneal Board, each serve on the board of managers of Kashiv and beneficially own, directly or indirectly, including through certain revocable or irrevocable trusts for the benefit of their immediate families, outstanding equity securities of Kashiv. In addition, Chirag Patel, Chintu Patel, Gautam Patel, Ted Nark and Shlomo Yanai have been designated as members of the Amneal Board by the Amneal Group (which, together with their affiliates and certain assignees, owned Amneal when it was a private company). Certain members of the Amneal Group and their affiliates are sellers and equityholders of Kashiv (though neither of Messrs. Nark nor Yanai are sellers or equityholders of Kashiv).

In addition, Mr. Gautam Patel, a member of the Amneal Board, is a managing director of Tarsadia Investments, which is an affiliate of each of the Amneal Group, Kashiv, and the sellers.

As discussed in “The Transaction – Background of the Transaction” beginning on page 36, pursuant to the authority delegated to the Independent Committee, set forth in Section IV of the charter of the Independent Committee, the Independent Committee has the authority to review and approve, among other things, any related person transaction. On June 25, 2025, the Amneal Board adopted resolutions delegating to the Independent Committee the sole and exclusive power and authority, to the fullest extent permissible by the DGCL, to exercise all of the authority of the Amneal Board with respect to the review, consideration, negotiation, approval, recommendation, rejection, non-approval and non-recommendation of a potential transaction to acquire Kashiv.

Additional information regarding the material business and other relationships of the executive officers and directors of Amneal with Kashiv is described in Amneal’s Proxy Statement for its 2026 annual meeting of stockholders on Schedule 14A, which is incorporated by reference into this proxy statement, and the table of the beneficial ownership of certain beneficial owners and management in this proxy statement. See “Where You Can Find Additional Information” beginning on page 133 of this proxy statement and “Security Ownership of Certain Beneficial Owners and Management” beginning on page 128 of this proxy statement.

Amneal’s obligation to consummate the Transaction is not subject to any financing condition. Amneal has represented to the sellers in the purchase agreement that Amneal will have at the closing sufficient unrestricted cash on hand or other sources of immediately available funds to enable it to make payment of the cash consideration due to the sellers at the closing.

Under the purchase agreement and subject to certain limitations, each party has agreed to use its commercially reasonable efforts to, among other things, promptly consummate and make effective the transactions contemplated by the purchase agreement. Completion of the Transaction is conditioned upon, among other things, the satisfaction of (x) the HSR Act Condition and (y) the India Conditions.

Under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (“HSR Act”), the Transaction may not be completed until notifications have been filed with and certain information has been furnished to the U.S. DOJ and the U.S. FTC and all statutory waiting period requirements have been satisfied. Amneal and Kashiv

made the necessary filings required to be made under the HSR Act effective as of May 19, 2026. In the absence of a grant of early termination or the issuance of a request for additional information, the statutory waiting period under the HSR Act will expire at 11:59 p.m. (Eastern Time) on June 18, 2026.

At any time before or after the completion of the transaction, the U.S. DOJ or the U.S. FTC could take action under the U.S. antitrust laws, including seeking to prevent the Transaction, to rescind the Transaction or to clear the Transaction subject to the divestiture of assets of Kashiv or Amneal or subject to other remedies. In addition, U.S. state attorneys general could take action under the antitrust laws as they deem necessary or desirable in the public interest, including without limitation seeking to enjoin the completion of the transactions contemplated by the purchase agreement or permitting completion subject to the divestiture of assets of Kashiv or Amneal or other remedies. Private parties may also seek to take legal action under the antitrust laws under some circumstances. There can be no assurance that a challenge to the transactions contemplated by the purchase agreement on antitrust grounds will not be made or, if such challenge is made, that it would not be successful.

To the extent required by applicable law, (i) each party will supply as promptly as reasonably practicable any additional information and documentary material that may be requested by any governmental authority (including the U.S. DOJ and the U.S. FTC) beyond the initial HSR Act filings that have already been made, (ii) each party will cooperate in connection with making any filing under any other applicable antitrust or competition laws and in connection with resolving any investigation or other inquiry commenced by any governmental authority, including the U.S. FTC, the U.S. DOJ, or the office of any state attorney general or any proceeding initiated by a private party, (iii) each party will promptly inform the other parties of any material communication received by such party from, or given by such party to, the U.S. DOJ or the U.S. FTC, or any other governmental authority and of any material communication received or given in connection with any proceeding by a private party, and (iv) each party will permit the other parties to review any material communication given by it to, and consult with each other in advance of, any meeting or conference with the U.S. DOJ or the U.S. FTC, or any other governmental authority or, in connection with any proceeding by a private party with any other person, and to the extent not prohibited by the U.S. DOJ or the U.S. FTC, or any other governmental authority or other person, give the other parties the opportunity to attend and participate in such meetings and conferences. The filing fees of Amneal and Kashiv in connection with the filings to be made under the HSR Act will be borne by Amneal. For the avoidance of doubt, each party will be responsible for its own legal fees for preparing its portion of the HSR Act filings.

Required regulatory approvals under Indian law will be sought in connection with the Transaction. Specifically, the Transaction is subject to certain Indian laws or regulations related to foreign investment in the brownfield pharmaceutical sector.

Pursuant to the purchase agreement, Amneal, Kashiv and the seller representative have agreed to use commercially reasonable efforts to support Kashiv and/or Kashiv Biosciences Private Limited to promptly file an application seeking to obtain all such authorizations, consents, orders and approvals from the Department of Pharmaceuticals, Government of India, in relation to the indirect transfer of shares of Kashiv Biosciences Private Limited and Kashiv Research Private Limited, Kashiv’s two subsidiaries located in India, under the (Indian) Foreign Exchange Management Act 1999 (“FEMA”). Kashiv submitted an application for prior written unconditional approval of the Transaction from the Department of Pharmaceuticals, Government of India under FEMA on June 15, 2026.

Each party will use its commercially reasonable efforts to (i) take, or cause to be taken, all appropriate action, and do, or cause to be done, all things necessary, proper or advisable under applicable law or otherwise to promptly consummate and make effective the transactions contemplated by the purchase agreement, in each case only as applicable to such party; (ii) obtain all authorizations, consents, orders and approvals of, and give all notices to and make all filings with, all governmental authorities and other third parties that may be or become necessary for the performance of such party’s obligations under the purchase agreement and the consummation of the transactions contemplated by the purchase agreement, including those consents set forth in the disclosure schedules; (iii) lift or rescind any injunction or restraining order or other order adversely affecting the ability of such party to consummate the transactions contemplated by the purchase agreement; and (iv) fulfill all conditions to such party’s obligations under the purchase agreement. Each party will cooperate fully with the other parties in promptly seeking to obtain all such authorizations, consents, orders and approvals, giving such notices, and making such filings.

Notwithstanding the foregoing or anything to the contrary in the purchase agreement, nothing in the purchase agreement will require any party to (and Kashiv and the sellers will not without Amneal’s written consent) commit to or effect, by consent decree, hold separate orders, trust, or otherwise, (i) the sale, license, holding separate or other disposition of assets or businesses of any party, (ii) terminating, relinquishing, modifying or waiving existing relationships, ventures, contractual rights, obligations or other arrangements of any party, (iii) taking or committing to take actions that limit any party’s freedom of action with respect to, or its ability to retain, one or more of the businesses, product lines or assets of any party, (iv) creating any relationships, ventures, contractual rights, obligations or other arrangements of any party, (v) commencing litigation relating to the purchase agreement, or (vi) agreeing to any other structural or behavioral remedy. Notwithstanding the foregoing or anything to the contrary set forth in the purchase agreement, in connection with obtaining such consents from third parties, no party will be required to make payments, commence litigation or agree to modifications of the terms and conditions of any agreements with third parties and no such modifications will be made to any contract of Kashiv and its subsidiaries without the prior written consent of Amneal, which consent will not be unreasonably withheld, conditioned or delayed. In addition, in connection with obtaining such consents from third parties, no party need waive any substantial rights, agree to any material restriction on the conduct of its and its affiliates’ business or agree to any substantial limitation on its operations or to dispose of any assets, including assets of Kashiv and its subsidiaries.

Each party will promptly inform the other parties of any material communication made to, or received by, such party from any antitrust governmental authority or any other governmental authority regarding any of the transactions contemplated by the purchase agreement. Each party will permit the other parties to review in advance any proposed material communication by it to any governmental authority (but, for the avoidance of doubt, not including (i) any interactions not relating to the transactions contemplated by the purchase agreement, and/or (ii) any disclosure which is not permitted under applicable law; provided, that with respect to this clause (ii), each party will use commercially reasonable efforts to provide access to such information in a manner that does not violate such law); provided, however, that materials may be redacted (A) to remove references concerning valuation, (B) as necessary to comply with contractual arrangements, and (C) as necessary to address reasonable privilege concerns. No party will agree to participate in any meeting or conference with any governmental authority in respect of any filings, investigation or other inquiry relating to the matters that are the subject of the purchase agreement unless it consults with the other parties in advance and, to the extent not prohibited by such governmental authority, gives the other parties the opportunity to attend and participate at such meeting or conference. Each party will provide the other parties with copies of all material correspondence, filings or communications between it or any of its representatives, on the one hand, and any governmental authority or members of its staff, on the other hand, with respect to the purchase agreement and the transactions contemplated by the purchase agreement (but, for the avoidance of doubt, not including any disclosure which is not permitted by applicable law; provided, that each party will use commercially reasonable efforts to provide access to such information in a manner that does not violate such law); provided, however, that materials may be redacted (A) to remove references concerning valuation, (B) as necessary to comply with contractual arrangements, and (C) as necessary to address reasonable privilege concerns. Amneal, Kashiv and the seller representative may, as they deem advisable and necessary, designate any competitively sensitive materials provided to the other under the terms described in this section of this proxy statement entitled “Regulatory Approvals Required for the Transaction” as “outside counsel only”. Such materials and the information contained therein will be given only to the outside legal counsel of the recipient and will not be disclosed by such legal counsel to non-legal employees, officers, or directors of the recipient without the advance written consent of the party providing such materials. In addition, subject to applicable law, Amneal and the seller representative will consult and cooperate with each other in advance in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, and proposals made or submitted to any governmental authority regarding the transactions contemplated by the purchase agreement by or on behalf of any party. Amneal will be entitled to control and lead, in consultation with the other parties, all communications and strategy with any governmental authority regarding antitrust matters and to direct, in consultation with the other parties, the antitrust defense of the transactions contemplated by the purchase agreement (and Kashiv and the sellers will not make any agreement with any governmental authority without Amneal’s written consent).

There are no material U.S. federal income tax consequences to Amneal stockholders as a result of their ownership of Amneal common stock that will result from the Transaction and the issuance of Amneal Class A common stock pursuant to the Transaction.

Amneal’s stockholders are not entitled to appraisal rights in connection with the Transaction or stock issuance proposal.

The following discussion sets forth the principal terms of the purchase agreement, a copy of which is attached as Annex A to this proxy statement and is incorporated by reference herein. The rights and obligations of the parties are governed by the express terms and conditions of the purchase agreement and not by this discussion, which is summary by nature. This discussion is not complete and is qualified in its entirety by reference to the complete text of the purchase agreement. You are encouraged to read the purchase agreement carefully and in its entirety, as well as this proxy statement and any documents incorporated by reference herein carefully and in their entirety, before making any decisions regarding the Transaction.

The purchase agreement and this summary of its terms have been included to provide you with information regarding the terms of the purchase agreement. Factual disclosures about Amneal contained in this proxy statement or in Amneal’s public reports filed with the SEC may supplement, update or modify the factual disclosures about Amneal contained in the purchase agreement and described in this summary. The representations, warranties and covenants made in the purchase agreement by Amneal, Kashiv, the sellers and the seller representative were qualified and subject to important limitations agreed to by Amneal, Kashiv, the sellers and the seller representative in connection with negotiating the terms of the purchase agreement. In particular, in your review of the representations and warranties contained in the purchase agreement and described in this summary, it is important to bear in mind that the representations and warranties were negotiated with the principal purposes of establishing the circumstances in which a party to the purchase agreement may have the right not to close the Transaction if the representations and warranties of the other party prove to be untrue, due to a change in circumstance or otherwise, and allocating risk between the parties to the purchase agreement, and were not intended by the parties to the purchase agreement to be a characterization of the actual state of facts or condition of Amneal, Kashiv, the sellers and the seller representative, except as expressly stated in the purchase agreement. The representations and warranties may also be subject to a contractual standard of materiality different from those generally applicable to stockholders and reports and documents filed with the SEC, and in some cases were qualified by confidential disclosures that were made by Amneal, Kashiv, the sellers and the seller representative, which disclosures are not reflected in the purchase agreement. Moreover, information concerning the subject matter of the representations and warranties, which do not purport to be accurate as of the date of this proxy statement, may have changed since the signing date and subsequent developments or new information qualifying a representation or warranty may have been included in this proxy statement or in the public filings made by Amneal with the SEC.

Additional information about Amneal may be found elsewhere in this proxy statement and Amneal’s other public filings. See “Where You Can Find Additional Information” beginning on page 133 of this proxy statement.

In consideration for the sale and transfer of the Kashiv membership interests and each seller’s agreement to be bound by the terms of the purchase agreement, at the closing Amneal will deliver or cause to be delivered to the sellers (to be allocated by the seller representative among the sellers in accordance with the allocation schedule) (a) an aggregate amount in cash equal to $375,000,000, subject to certain purchase price adjustments including for cash, the funding of operations between the signing and the closing (subject to a cap equal to the product of $20,000,000 and the number of months (including prorated months) between signing and closing), indebtedness, transaction expenses and working capital fluctuations (relative to a target), plus (b) 28,942,108 shares of Amneal Class A common stock.

The purchase agreement provides that, following the closing and the achievement of a milestone event for the applicable designated product (but no later than forty-five days following the date of such achievement), Amneal will pay to the account(s) specified by the seller representative by wire transfer of immediately available funds (to be allocated by the seller representative among the sellers in accordance with the allocation schedule), the amount shown below opposite such applicable milestone event, without interest. Each milestone payment is a one-time contingent payment. The aggregate amount of all milestone payments for first tranche milestones pursuant to the purchase agreement will not exceed $250,000,000. The aggregate amount of all milestone payments for second tranche milestone pursuant to the purchase agreement will not exceed $100,000,000.

For purposes of the purchase agreement, “value” means, with respect to determining if a first tranche milestone for a given designated product has been achieved, the fraction A/B expressed as a percentage, where A is the cumulative U.S. sales (over a twelve (12)-month period) of all delivery types for the reference product for such designated product that have received regulatory approval, and B is the cumulative U.S. sales (over the same twelve (12)-month period) of all delivery types for the reference product for such designated product. Each of A and B will be determined from data currently identified as “Sales $” as provided in the National Sales Perspective report by IQVIA in the commercially available SMART Syndicated Data Analytics - US Edition. If such data or report become no longer available, Amneal and the seller representative will confer and reasonably agree on a substitute that most closely corresponds to such data or report. The twelve (12)-month period will be, for each designated product, the period ending on the last day of the month preceding the month in which the most recent delivery type has received regulatory approval.

For purposes of the purchase agreement, “reference product” has the meaning set forth in 42 U.S.C. § 262(i)(4) as it exists as of signing.

Amneal will make royalty payments based on gross profits arising from certain products of Kashiv on the terms and conditions set forth in the purchase agreement, which are described below.

For purposes of the purchase agreement, “royalty term” means the twelve (12)-year period from and after the first day of the first (1st) full calendar quarter commencing on or after the closing date.

For purposes of the purchase agreement, “royalty periods” means: if the royalty term begins in 2026, the following time periods during the royalty term: (A) the period from the beginning of the royalty term through December 31, 2026; (B) each twelve (12)-month period from January 1 through December 31 for each of the calendar years 2027 through 2037; and (C) the period from January 1, 2038 until the end of the royalty term in 2038; and if the royalty term begins in 2027, the following time periods during the royalty term: (A) the period from the beginning of the royalty term through December 31, 2027; (B) each twelve (12)-month period from January 1 through December 31 for each of the calendar years 2028 through 2038; and (C) the period from January 1, 2039 until the end of the royalty term in 2039.

For purposes of the purchase agreement, “royalty quarter” means each of the first (1st), second (2nd), and third (3rd) calendar quarter during each royalty period of the royalty term, in each case to the extent such calendar quarter is fully encompassed by such royalty period.

For purposes of the purchase agreement, “net sales” means for each product: (a) the calculated worldwide net sales used by Amneal in preparation of its audited financial statements, prepared in accordance with GAAP consistently applied in accordance with Amneal’s accounting practices in effect as of signing, arising from royalty income relating to such product, service revenue such as research-and-development service revenue relating to such product, and sales of such product by or on behalf of the specified parties, their successors or assigns to independent third parties; provided, that credits, returns, rebates (including government rebates), reimbursements, fees, allowances, charge-backs, and all other deductions from gross sales to net sales as recorded and used by Amneal in preparation of its audited financial statements in accordance with GAAP consistently applied in accordance with Amneal’s accounting practices in effect as of signing will be recorded as deductions in the period in which the underlying sale occurred to the extent reasonably identifiable, and otherwise in the period finally settled,

consistently applied and with disclosure in Amneal’s royalty reports of any material timing differences; plus (b) the calculated gross profit or other category of income or revenue used by Amneal in preparation of its audited financial statements, prepared in accordance with GAAP consistently applied in accordance with Amneal’s accounting practices in effect as of signing, comprising up-front payments; license fees; milestone payments based on development, regulatory, or commercial events; and other applicable portion of any consideration received by Amneal or its affiliates from or on behalf of third parties in any transaction or series of related transactions (worldwide) in exchange for any grant of rights to a third party to develop, manufacture, or sell product on such third party’s own behalf and not as Amneal’s or Amneal’s affiliates’ agent or distributor, subject to the following: (i) any up-front, milestone, or fixed payment will be included in this calculation in the calendar quarter in which it was received, even if Amneal’s accounting practices would be to recognize revenue from such payment in a different calendar year or over a period of time; (ii) to avoid double counting, no consideration included in clause (a) of this definition of “net sales” will be included in this clause (b); and (iii) clause (b) is not intended to include amounts paid to Amneal by a third party for work performed or to be performed by Amneal or its affiliates as a contract development and manufacturing organization for such third party.

For purposes of the purchase agreement, “gross profits” means net sales less cost of goods sold for each product that consolidate into Amneal’s audited financial statements, prepared in accordance with GAAP consistently applied in accordance with Amneal’s accounting practices in effect as of the signing date.

For purposes of the purchase agreement “cost of goods sold” means, with respect to all products (taken together as a whole), the calculated cost of goods sold used by Amneal in preparation of its audited financial statements, prepared in accordance with GAAP consistently applied in accordance with Amneal’s accounting practices in effect as of signing (including total facility costs and any other cost of goods sold not specifically attributable to any product), but excluding any amounts or allocations for any of the following, whether included in the calculation of cost of goods sold under GAAP or otherwise, without duplication: (i) purchase price adjustment; (ii) depreciation or amortization (including, without limitation, amortization of goodwill); and (iii) impairment of intangible assets.

Within forty-five (45) days following the end of each royalty quarter, Amneal will provide to the seller representative a report (each, a “royalty quarter report”) specifying net sales and gross profits in respect of such royalty quarter and the preceding royalty quarter(s) for such royalty period.

Within forty-five (45) days following the end of each royalty period, Amneal will provide to the seller representative a report (each, a “royalty period report”) specifying net sales and gross profits for such royalty period. Each royalty period report will separately set forth (A) gross sales, (B) total deductions by category under the definition of net sales, (C) net sales, (D) cost of goods sold (for the avoidance of doubt, on an aggregate basis rather than on a product-by-product basis) and (E) the resulting gross profits. Gross sales, total deductions and net sales will be reported on a product-by-product basis. Cost of goods sold and gross profits will be reported on an aggregate basis.

If gross profits reported on any royalty quarter report exceed the “excluded profits” shown below for the corresponding royalty period, then within forty-five (45) days following the end of such royalty quarter, Amneal will pay, by wire transfer of immediately available funds, to the sellers (to be allocated by the seller representative among the sellers in accordance with the allocation schedule) a cash payment equal to twenty-five percent (25%) of the amount by which such reported gross profits exceed such excluded profits less the sum of any amounts with respect to which royalty payments were already made for such royalty period, with no addition of interest (each such payment, a “quarterly royalty payment”). Except as provided in the penultimate sentence of the following paragraph, in no event will Amneal be entitled to any payment, refund, or credit if gross profits for any one or more royalty quarters do not exceed the excluded profits for the corresponding royalty period.

Within forty-five (45) days following the end of each royalty period, Amneal will pay, by wire transfer of immediately available funds, to the sellers (to be allocated by the seller representative among the sellers in accordance with the allocation schedule) a cash payment equal to twenty-five percent (25%) of the amount, if any, by which gross profits for the applicable royalty period exceed the excluded profits for the corresponding royalty period less the sum of any amounts with respect to which quarterly royalty payments (if any) were already made for such royalty period (each such payment, an “annual royalty payment”, and the quarterly royalty payments and the annual royalty payments, taken together, the “royalty payments”) and less any amounts that Amneal sets off from such payment in accordance with this paragraph, with no addition of interest. If the sum of quarterly royalty

payments made for any royalty period exceed the amount that, absent the application of the immediately preceding paragraph, would equal the annual royalty payment due for such royalty period, then Amneal will be entitled to set off from any subsequent payments due to the sellers under the purchase agreement all or any portion of such excess. With the exception of such set-off right, in no event will Amneal be entitled to any payment, refund, or credit if gross profits for any one or more royalty periods do not exceed the excluded profits for the corresponding royalty periods.

In the case of any royalty period that is shorter than one (1) calendar year, the excluded profits for such royalty period will be pro-rated accordingly based on the number of days during such royalty period divided by three hundred sixty-five (365).

In the event that any contingent payment is made after the date on which it is due pursuant to the purchase agreement, Amneal will pay the amount of such contingent payment, plus interest from the date such contingent payment is due, at a rate of the lesser of (i) the prime rate as published in The Wall Street Journal in effect on the date such payment was required to be made and (ii) seven and one-half percent (7.5%) per annum (the “specified interest rate”).

If Amneal or any of its controlled affiliates grants a license or sublicense to a third party to sell a product and sales of such product by such third party would, under the terms of such license or sublicense, result in payments within the definition of “net sales,” Amneal will require such third party to agree (i) to account for and report net sales using the same methodology as if they were net sales of Amneal and (ii) to keep and maintain complete and accurate records of net sales for each calendar year, and retain such records for a period of three (3) years thereafter. In the case of a transaction subject to part (b) of the definition of “net sales,” this paragraph will not apply even if such transaction includes the grant of a sublicense.

The purchase agreement provides that, at the closing:

The purchase agreement contains representations and warranties made by Amneal to sellers and by Kashiv, sellers and the seller representative to Amneal. Certain of the representations and warranties in the purchase agreement are subject to materiality or material adverse effect qualifications (that is, they will not be deemed to be inaccurate or incorrect unless their failure to be true or correct (a) is material, (b) would result in a material adverse effect on the party making such representation or warranty, subject to various exceptions specified in the purchase agreement, or (c) would prevent or materially delay the consummation of the transactions contemplated by the purchase agreement or prevent or materially impair or materially delay the ability of the party making such representation or warranty to perform its obligations under the purchase agreement). In addition, certain of the representations and warranties in the purchase agreement are subject to knowledge qualifications, which means that those representations and warranties would not be deemed untrue, inaccurate or incorrect as a result of matters of which certain individuals from the party making the representation (who are specified in qualifying the “knowledge” of such party for purposes of the purchase agreement) did not have actual knowledge after reasonable inquiry of their respective direct reports. Furthermore, each of the representations and warranties is subject to the qualifications set forth on the applicable disclosure schedule and, in the case of certain representations and warranties made by Amneal, the reports of Amneal filed after January 1, 2024 and prior to the signing date (but disregarding risk factor disclosures contained under the heading “risk factors,” or disclosures of risks set forth in any “forward-looking statements” disclaimer or any other statements that are similarly non-specific or cautionary, predictive or forward-looking in nature).

For purposes of the purchase agreement, “material adverse effect” means, with respect to any party, as the case may be, any occurrence, circumstance, condition, change, development or effect that, individually or in the aggregate, (a) has or would reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of the party together with its subsidiaries, taken as a whole; provided, however, that none of the following shall be deemed to constitute a material adverse effect: any occurrence, circumstance, condition, change, development or effect that: (i) impacts generally the industry in which the party operates, but only to the extent that such occurrence, circumstance, condition, change, development or effect does not have a disproportionate effect on the party as compared to other industry participants; (ii) arises from or relates to general business or economic conditions, but only to the extent that such occurrence, circumstance, condition, change, development or effect does not have a disproportionate effect on the party as compared to other industry participants; (iii) arises from any decline in the trading price of a party’s common stock or a failure, in and of itself, by the party to meet any internal or published projections, forecasts or revenue or earnings predictions for any period (provided, that any occurrence, circumstance, condition, change, development or effect that caused such decline or failure to meet projects, forecasts or revenue or earnings predictions shall not be excluded under this clause (iii)), (iv) arises from or relates to national or international political or social conditions, including the engagement by the U.S. in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon the U.S., or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the U.S., but only to the extent that such occurrence, circumstance, condition, change, development or effect does not have a disproportionate effect on the party as compared to other industry participants; (v) arises from or relates to financial, banking, or securities markets (including any disruption thereof and any decline in the price of any security or any market index), but only to the extent that such occurrence, circumstance, condition, change, development or effect does not have a disproportionate effect on the party as compared to other industry participants; (vi) arises from or relates to changes in GAAP, but only to the extent that such occurrence, circumstance, condition, change or effect does not have a disproportionate effect on the party as compared to other industry participants; (vii) arises from or relates to changes in applicable laws, but only to the extent that such occurrence, circumstance, condition, change, development or effect does not have a disproportionate effect on the party as compared to other industry participants; (viii) arises in

connection with earthquake, flood, hurricanes, tornadoes, or other natural disasters, including pandemics (including COVID-19), but only to the extent that such occurrence, circumstance, condition, change, development or effect does not have a disproportionate effect on the party as compared to other industry participants; or (ix) arises from or relates to the announcement of the transactions contemplated hereby or (b) has or would reasonably be expected to prevent or materially impair the ability of such party to perform its obligations under the purchase agreement or to timely consummate the transactions contemplated by the purchase agreement.

In the purchase agreement, Amneal has made representations and warranties to the sellers regarding among other things, the following:

In the purchase agreement, Kashiv has made representations and warranties to Amneal regarding, among other things, the following:

In the purchase agreement, each seller and the seller representative has made representations and warranties to Amneal regarding, among other things, the following:

In the purchase agreement, each seller has also made representations and warranties to Amneal regarding, among other things, the following:

The purchase agreement provides that, unless Amneal otherwise consents in writing (which consent will not be unreasonably withheld, conditioned or delayed) and except as otherwise contemplated by the purchase agreement, as required by law or subject to certain exceptions in the disclosure schedules, during the period commencing on the signing date and terminating upon the earlier to occur of the closing and the termination of the purchase agreement pursuant to and in accordance with its terms, Kashiv will, and will cause its subsidiaries to, and the sellers with authority to instruct Kashiv will instruct Kashiv to, (i) conduct Kashiv’s business only in the ordinary course consistent with past practices in all material respects and (ii) use commercially reasonable efforts, consistent with past practices and policies, to (A) maintain the assets and properties of Kashiv and its subsidiaries in their current condition, normal wear and tear excepted, (B) keep available the services of Kashiv’s and its subsidiaries’ current officers and employees and preserve their relationships with employees, customers, suppliers, governmental authorities and others having business dealings with Kashiv and its subsidiaries, (C) continue to conduct all ongoing clinical trials and preclinical studies in accordance in all material respects with the protocols therefor in effect on the signing date and all applicable laws (including health care laws, the United States Federal Food, Drug, and Cosmetic Act and those portions of the Public Health Service Act applicable to biological products and biosimilars), and (D) incur and make the capital expenditures set forth in the disclosure schedules.

Unless Amneal otherwise consents in writing (which consent will not be unreasonably withheld, conditioned or delayed) and except as otherwise contemplated by the purchase agreement, as required by law or subject to certain exceptions in the disclosure schedules, during the period commencing on the signing date and terminating upon the earlier to occur of the closing and the termination of the purchase agreement pursuant to and in accordance with its terms, Kashiv will not, and will cause its subsidiaries not to, and the sellers with authority to instruct Kashiv shall instruct Kashiv not to:

Unless Kashiv otherwise consents in writing (which consent will not be unreasonably withheld, conditioned or delayed) and except as otherwise contemplated by the purchase agreement or as required by law, during the pre-closing period, Amneal will not repurchase any shares of Amneal Class A common stock or agree, resolve or commit to do any of the foregoing.

Under the purchase agreement and subject to certain limitations, each party has agreed to use its commercially reasonable efforts to, among other things, promptly consummate and make effective the transactions contemplated by the purchase agreement. Completion of the Transaction is conditioned upon, among other things, the satisfaction of (x) the HSR Act Condition and (y) the India Conditions.

Under the HSR Act, the Transaction may not be completed until notifications have been filed with and certain information has been furnished to the U.S. DOJ and the U.S. FTC and all statutory waiting period requirements have been satisfied. Amneal and Kashiv made the necessary filings required to be made under the HSR Act effective as of May 19, 2026. In the absence of a grant of early termination or the issuance of a request for additional information, the statutory waiting period under the HSR Act will expire at 11:59 p.m. (Eastern Time) on June 18, 2026.

At any time before or after the completion of the transaction, the U.S. DOJ or the U.S. FTC could take action under the U.S. antitrust laws, including seeking to prevent the Transaction, to rescind the Transaction or to clear the Transaction subject to the divestiture of assets of Kashiv or Amneal or subject to other remedies. In addition, U.S. state attorneys general could take action under the antitrust laws as they deem necessary or desirable in the public interest, including without limitation seeking to enjoin the completion of the transactions contemplated by the purchase agreement or permitting completion subject to the divestiture of assets of Kashiv or Amneal or other remedies. Private parties may also seek to take legal action under the antitrust laws under some circumstances. There can be no assurance that a challenge to the transactions contemplated by the purchase agreement on antitrust grounds will not be made or, if such challenge is made, that it would not be successful.

To the extent required by applicable law, (i) each party will supply as promptly as reasonably practicable any additional information and documentary material that may be requested by any governmental authority (including the U.S. DOJ and the U.S. FTC) beyond the initial HSR Act filings that have already been made, (ii) each party will cooperate in connection with making any filing under any other applicable antitrust or competition laws and in connection with resolving any investigation or other inquiry commenced by any governmental authority, including the U.S. FTC, the U.S. DOJ, or the office of any state attorney general or any proceeding initiated by a private party, (iii) each party will promptly inform the other parties of any material communication received by such party from, or given by such party to, the U.S. DOJ or the U.S. FTC, or any other governmental authority and of any material communication received or given in connection with any proceeding by a private party, and (iv) each party will permit the other parties to review any material communication given by it to, and consult with each other in advance of, any meeting or conference with the U.S. DOJ or the U.S. FTC, or any other governmental authority or, in connection with any proceeding by a private party with any other person, and to the extent not prohibited by the U.S. DOJ or the U.S. FTC, or any other governmental authority or other person, give the other parties the opportunity to attend and participate in such meetings and conferences. The filing fees of Amneal and Kashiv in connection with the filings to be made under the HSR Act will be borne by Amneal. For the avoidance of doubt, each party will each be responsible for its own legal fees for preparing its portion of the HSR Act filings.

Required regulatory approvals under Indian law will be sought in connection with the transaction. Specifically, the transaction is subject to certain Indian laws or regulations related to foreign investment in the brownfield pharmaceutical sector.

Amneal, Kashiv and the seller representative will use commercially reasonable efforts to support Kashiv and/or Kashiv Biosciences Private Limited to promptly file an application seeking to obtain all such authorizations, consents, orders and approvals from the Department of Pharmaceuticals, Government of India, in relation to the indirect transfer of shares of Kashiv Biosciences Private Limited and Kashiv Research Private Limited under the (Indian) Foreign Exchange Management Act 1999 (“FEMA”). Kashiv submitted an application for prior written unconditional approval of the Transaction from the Department of Pharmaceuticals, Government of India under FEMA on June 15, 2026.

Each party will use its commercially reasonable efforts to (i) take, or cause to be taken, all appropriate action, and do, or cause to be done, all things necessary, proper or advisable under applicable law or otherwise to promptly consummate and make effective the transactions contemplated by the purchase agreement, in each case only as applicable to such party; (ii) obtain all authorizations, consents, orders and approvals of, and give all notices to and make all filings with, all governmental authorities and other third parties that may be or become necessary for the performance of such party’s obligations under the purchase agreement and the consummation of the transactions contemplated by the purchase agreement, including those consents set forth in the disclosure schedules; (iii) lift or rescind any injunction or restraining order or other order adversely affecting the ability of such party to consummate the transactions contemplated by the purchase agreement; and (iv) fulfill all conditions to such party’s obligations under the purchase agreement. Each party will cooperate fully with the other parties in promptly seeking to obtain all such authorizations, consents, orders and approvals, giving such notices, and making such filings. Notwithstanding the foregoing or anything to the contrary in the purchase agreement, nothing in the purchase agreement will require any party to (and Kashiv and the sellers will not without Amneal’s written consent) commit to or effect, by consent decree, hold separate orders, trust, or otherwise, (i) the sale, license, holding separate or other disposition of assets or businesses of any party, (ii) terminating, relinquishing, modifying or waiving existing relationships, ventures, contractual rights, obligations or other arrangements of any party, (iii) taking or committing to take actions that limit any party’s freedom of action with respect to, or its ability to retain, one or more of the businesses, product lines or assets of any party, (iv) creating any relationships, ventures, contractual rights, obligations or other arrangements of any party, (v) commencing litigation relating to the purchase agreement, or (vi) agreeing to any other structural or behavioral remedy. Notwithstanding the foregoing or anything to the contrary set forth in the purchase agreement, in connection with obtaining such consents from third parties, no party will be required to make payments, commence litigation or agree to modifications of the terms and conditions of any agreements with third parties and no such modifications will be made to any contract of Kashiv and its subsidiaries without the prior written consent of Amneal, which consent will not be unreasonably withheld, conditioned or delayed. In addition, in connection with obtaining such consents from third parties, no party need waive any substantial rights, agree to any material restriction on the conduct of its and its affiliates’ business or agree to any substantial limitation on its operations or to dispose of any assets, including assets of Kashiv and its subsidiaries.

Each party will promptly inform the other parties of any material communication made to, or received by, such party from any antitrust governmental authority or any other governmental authority regarding any of the transactions contemplated by the purchase agreement. Each party will permit the other parties to review in advance any proposed material communication by it to any governmental authority (but, for the avoidance of doubt, not including (i) any interactions not relating to the transactions contemplated by the purchase agreement, (ii) any disclosure which is not permitted under applicable law; provided, that with respect to this clause (ii), each party will use commercially reasonable efforts to provide access to such information in a manner that does not violate such law); provided, however, that materials may be redacted (A) to remove references concerning valuation, (B) as necessary to comply with contractual arrangements, and (C) as necessary to address reasonable privilege concerns. No party will agree to participate in any meeting or conference with any governmental authority in respect of any filings, investigation or other inquiry relating to the matters that are the subject of the purchase agreement unless it consults with the other parties in advance and, to the extent not prohibited by such governmental authority, gives the other parties the opportunity to attend and participate at such meeting or conference. Each party will provide the other parties with copies of all material correspondence, filings or communications between it or any of its

representatives, on the one hand, and any governmental authority or members of its staff, on the other hand, with respect to the purchase agreement and the transactions contemplated by the purchase agreement (but, for the avoidance of doubt, not including any disclosure which is not permitted by applicable law; provided, that each party will use commercially reasonable efforts to provide access to such information in a manner that does not violate such law); provided, however, that materials may be redacted (A) to remove references concerning valuation, (B) as necessary to comply with contractual arrangements, and (C) as necessary to address reasonable privilege concerns. Amneal, Kashiv and the seller representative may, as they deem advisable and necessary, designate any competitively sensitive materials provided to the other under the terms described in this section of this proxy statement entitled “Efforts to Consummate the Transaction” as “outside counsel only”. Such materials and the information contained therein will be given only to the outside legal counsel of the recipient and will not be disclosed by such legal counsel to non-legal employees, officers, or directors of the recipient without the advance written consent of the party providing such materials. In addition, subject to applicable law, Amneal and the seller representative will consult and cooperate with each other in advance in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, and proposals made or submitted to any governmental authority regarding the transactions contemplated by the purchase agreement by or on behalf of any party. Amneal will be entitled to control and lead, in consultation with the other parties, all communications and strategy with any governmental authority regarding antitrust matters and to direct, in consultation with the other parties, the antitrust defense of the transactions contemplated by the purchase agreement (and Kashiv and the sellers will not make any agreement with any governmental authority without Amneal’s written consent).

The purchase agreement provides that, from and after the closing, Amneal will or will cause Kashiv to (i) indemnify and hold harmless each present and former manager, director and officer of Kashiv or any of its subsidiaries (collectively, the “Kashiv indemnified parties”), against any and all losses incurred or suffered by any of the Kashiv indemnified parties in connection with any liabilities or any action, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring at or prior to the closing, whether asserted or claimed prior to, at or after the closing, to the fullest extent that Kashiv or its applicable subsidiary would have been permitted under applicable law and under the organizational documents of Kashiv and its subsidiaries as in effect on the signing date (but in each case, subject to the limitations on Kashiv and its subsidiaries’ ability to indemnify managers, directors and officers under applicable law), to indemnify such Kashiv indemnified parties and (ii) advance expenses as incurred by any Kashiv indemnified party in connection with any matters for which such Kashiv indemnified party is entitled to indemnification from Kashiv or any of its subsidiaries pursuant to the applicable terms of the purchase agreement to the fullest extent permitted under applicable law or, if greater, under the organizational documents of Kashiv and its subsidiaries; provided, however, that the Kashiv indemnified party to whom expenses are advanced provides an undertaking to repay such advances if it is ultimately and finally determined by a court of competent jurisdiction and all rights of appeal have lapsed that such Kashiv indemnified party is not entitled to indemnification under applicable law, the organizational documents of Kashiv or any of its subsidiaries, and pursuant to the applicable terms of the purchase agreement. The applicable terms and provisions the purchase agreement are intended to be in addition to the rights otherwise available to Kashiv indemnified parties by applicable law, charter, bylaw or agreement, and will operate for the benefit of, and will be enforceable by, Kashiv indemnified parties and their respective heirs and representatives, each of whom is an intended third party beneficiary of the applicable terms of the purchase agreement. In the event Amneal or Kashiv, or any of their respective successors or assigns, (i) consolidates with or merges into any other person, or (ii) transfers all or substantially all of its properties or assets to any person, then, and in each case, proper provision will be made so that the successors and assigns of Amneal or Kashiv, as the case may be, honor the indemnification obligations described in this paragraph.

Prior to or simultaneously with the closing, Amneal will, or will cause Kashiv to, obtain, at Amneal’s cost, a non-cancelable run-off insurance policy of not less than the existing coverage amount, for a period of six years after the closing date to provide directors’, managers’ or officers’ liability, employment practices liability, and fiduciary liability insurance coverages for events, acts or omissions occurring on or prior to the closing date for all persons who were directors, managers or officers of Kashiv or any of its subsidiaries or Kashiv’s business on or prior to the closing date, which policy will contain terms and conditions no less favorable to the insured persons than the directors’, managers’ or officers’ liability, employment practices liability, and fiduciary liability coverages presently maintained by Kashiv or any of its subsidiaries or by a seller on Kashiv’s or any of its subsidiaries’ behalf; provided, that, if the cost of such run-off insurance policy would exceed 250% of the current annual premium paid for such

insurance presently maintained (the “maximum premium”), then Amneal will, or will cause Kashiv to, obtain, at Amneal’s cost, the greatest amount of run-off coverage reasonably available at the maximum premium.

All employees who are employed by Kashiv or one of its subsidiaries immediately prior to the closing (the “retained employees”) will continue employment with Kashiv or one of its subsidiaries immediately following the closing; provided, however, that this will not restrict Amneal or its affiliates from terminating any retained employee for any reason at any time following the closing.

As of the closing date and for a period of at least one (1) year thereafter, Kashiv and its subsidiaries will provide, and Amneal will cause Kashiv and its subsidiaries to provide, each employee of Kashiv and its subsidiaries as of immediately prior to the closing (each, a “retained employee”) who remains employed with Kashiv and its subsidiaries with employee benefits (other than any equity or equity-based compensation, deferred compensation, change-in-control, retention or transaction-related benefits, and defined benefit pension and post-retirement welfare benefits) that are, subject to Amneal’s sole discretion, either substantially comparable in the aggregate to the employee benefits provided to (A) such retained employee immediately prior to the closing under the Kashiv employee benefit plans, or (B) Amneal’s similarly situated employees. Kashiv and its subsidiaries (i) will provide, or Amneal will cause Kashiv and its subsidiaries to provide, each retained employee credit for the retained employee’s service with Kashiv and its subsidiaries prior to the closing under any employee benefit plan or personnel policies that cover the retained employee after the closing, including any vacation, sick leave and severance policies (but excluding any equity or other long-term incentive awards), for purposes of eligibility, vesting and entitlement to vacation, sick leave and severance benefits, except where such credit would result in a duplication of benefits; (ii) will, or Amneal will cause Kashiv and its subsidiaries to, allow such retained employees to participate in each plan providing welfare benefits (including medical, life insurance, long term disability insurance and long term care insurance to the extent provided by Amneal) to the extent coverage under such plan replaces coverage under a corresponding employee benefit plan in which such retained employee participated immediately before the effective date of such replacement; and (iii) will, or Amneal will cause Kashiv and its subsidiaries to, to the extent a retained employee is eligible to participate in a plan providing welfare benefits in accordance with clause (ii) of this provision, (x) cause each such retained employee to be eligible to participate immediately, without any waiting time, to the extent permitted under applicable law, (y) take commercially reasonable efforts to waive preexisting condition limitations, evidence of insurability or other exclusions or limitations not imposed on the retained employee (or any eligible dependent thereof) by the corresponding employee benefit plan immediately prior to such replacement, to the extent permitted under applicable law, and (z) take commercially reasonable efforts to cause any eligible expenses incurred by the retained employee (or any eligible dependent thereof) during the portion of the plan year of the corresponding employee benefit plan ending on the date of such retained employee’s commencement of participation in Amneal’s similar replacement plan to be taken into account for purposes of determining deductibles, co-pays and maximum out-of-pocket requirements under any similar replacement plan for the applicable plan year.

From and after the closing, Kashiv and its subsidiaries will honor, or Amneal will cause Kashiv and its subsidiaries to honor, each retained employee’s accrued but unused paid time off as of the closing date (including any earned vacation or personal holiday pay), in accordance with the terms of the applicable employee benefit plan as in effect immediately prior to the closing and in accordance with applicable law.

Unless otherwise requested in writing by Amneal no later than ten (10) business days prior to the closing date, Kashiv and its subsidiaries shall terminate, effective as of no later than the date immediately preceding the closing date, the Kashiv Biosciences, LLC 401(k) Plan (the “Kashiv 401(k) plan”) or, if Kashiv determines that employee deferrals to the Kashiv 401(k) plan cannot be distributed in connection with a plan termination of the Kashiv 401(k) plan due to Kashiv’s determination that there is reasonably expected to be an alternative defined contribution plan during the specified period of time under Treas. Reg. Section 1.401(k)-1(d)(4), Kashiv will (or will cause its applicable affiliates to) transfer the sponsorship of the Kashiv 401(k) plan to a seller or any affiliate thereof (other than Kashiv or any of its subsidiaries), effective as of no later than the day immediately preceding the closing date. If the Kashiv 401(k) plan is terminated or transferred in accordance with the preceding sentence, Amneal shall receive from Kashiv, prior to the closing, evidence that the Kashiv 401(k) plan will be so terminated or transferred pursuant to resolutions of the board of directors of any of Kashiv or its subsidiaries, as applicable (the form and substance of which shall be subject to reasonable review of Amneal, which shall not be unreasonably withheld, conditioned or delayed), effective as of no later than the day immediately preceding the closing date.

Unless otherwise requested in writing by Amneal no later than thirty (30) days prior to the closing date, effective as of the closing date, Kashiv and its subsidiaries will take all actions necessary to cause the withdrawal of Kashiv and its subsidiaries as a participating employer from, and the cessation of retained employee participation under, the Avtar Enterprise, LLC Employee Benefits Plan and any other employee benefit plan that is sponsored or maintained by Avtar Enterprise, LLC or any entity other than Kashiv or its subsidiaries (other than then existing equity awards issued by any seller). In the event of such withdrawal, Amneal will ensure that retained employees (and their eligible dependents) are offered replacement benefit plan coverage effective immediately following the closing for benefits previously provided to such retained employees (and their eligible dependents) under the Avtar Enterprise, LLC Employee Benefit Plan, with such replacement benefit coverage to be provided under the health and welfare benefit plans maintained by Amneal and its affiliates as required under the provision described in the second paragraph of this section of this proxy statement entitled “Employee Matters”.

Between signing and the closing date, Kashiv and its subsidiaries will use reasonable best efforts to coordinate in good faith with Amneal to facilitate Amneal’s ability to identify and retain key employees of Kashiv and its subsidiaries through and following the closing date. In furtherance of the preceding sentence, during the pre-closing period, Kashiv and its subsidiaries will provide Amneal with reasonable access to such key employees in connection with Amneal’s potential efforts to enter into new contractual, retention and/or incentive arrangements with such key employees. For the avoidance of doubt, none of Kashiv and its subsidiaries is under any obligation to enter into, or to cause any key employee to enter into, any agreement.

Certain retained employees are eligible to receive retention bonus payments pursuant to existing arrangements with Kashiv or one of its subsidiaries, which will remain in effect following closing and will be payable based on continued service through September 1, 2028 (the “retention bonus agreements”). In connection therewith, Amneal agreed that Amneal will not, and Amneal agreed that Amneal will cause each of Amneal’s affiliates, each of Kashiv and its subsidiaries and each of the affiliates of Kashiv and its subsidiaries not to, amend any of the retention bonus agreements on or after the closing. In the event that any service provider who is party to a retention bonus agreement incurs a termination of employment or other service for any reason after the closing but before September 1, 2028 (regardless of whether such termination is initiated by such service provider, by any of Kashiv and its subsidiaries or otherwise), then Amneal shall provide written notice of such termination to the seller representative as soon as practicable and, in any event, not later than sixty (60) days thereafter. On September 1, 2028, Amneal and the seller representative shall deliver joint written instructions to the escrow agent to disburse (x) the portion of the retention bonus escrow funds (including the employer portion of any payroll taxes or employment taxes and other employer contributions incurred or payable in relation to the payment of such amounts) relating to each service provider who has earned his or her retention bonus in accordance with the terms of his or her retention bonus agreement to the account of Kashiv or one of its subsidiaries, as applicable, designated in writing by Amneal and (y) all amounts then in the retention bonus escrow account after the disbursement described in the immediately preceding clause (x) to the accounts of the sellers (allocated by the seller representative among the sellers in accordance with the allocation schedule) designated in writing by the seller representative.

The provisions described in this section of this proxy statement entitled “Employee Matters” are solely for the benefit of the parties, and no current or former employee of Kashiv or its subsidiaries or other service provider, or individual associated therewith, will be regarded for any purpose as a third-party beneficiary of such provisions. In no event will the terms of the purchase agreement be deemed to (i) establish, amend or modify any employee benefit plan or any other “employee benefit plan” as defined in Section 3(3) of ERISA, or any other benefit plan, program, agreement or arrangement maintained or sponsored by Kashiv and its subsidiaries, Amneal or any of their respective affiliates; (ii) alter or limit the ability of Amneal, Kashiv or any of their respective subsidiaries to amend, modify or terminate any employee benefit plan or any other benefit or employment plan, program, agreement or arrangement after the closing date; or (iii) confer upon any current or former employee of Kashiv or its subsidiaries any right to employment or continued employment or continued service with Amneal, Kashiv or any of their respective subsidiaries, or constitute or create an employment or similar agreement.

The purchase agreement provides that Amneal and the Amneal Board will take, in accordance with applicable law and Amneal’s organizational documents, all action necessary to set a record date for, call, give notice of, convene, and hold, as promptly as reasonably practicable following the mailing of this proxy statement, the special meeting. Amneal and the Amneal Board will use reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things, necessary, proper or advisable on its part to cause the Amneal stockholder approval

to be received at the meeting of Amneal’s stockholders or any adjournment or postponement thereof in accordance with the purchase agreement, and will comply with all legal requirements applicable to the special meeting. The Amneal Board and the Independent Committee will not, as applicable, (A) (x) withdraw or (y) qualify, amend or modify in any manner adverse to the sellers, the Independent Committee recommendation or the Amneal Board recommendation, as applicable or (B) fail to include in this proxy statement, the Independent Committee recommendation or the Amneal Board recommendation, as applicable (any action in clause (A) and (B), a “buyer adverse recommendation change”). Unless the purchase agreement has been validly terminated, Amneal will cause the special meeting to be convened and will submit the stock issuance and the purchase agreement to the stockholders of Amneal at the special meeting for the purpose of Amneal’s stockholders considering and voting on the stock issuance and the purchase agreement and any other matters required to be approved by Amneal’s stockholders in order to consummate the transactions contemplated by the purchase agreement.

Notwithstanding anything in the preceding paragraph, but subject to this paragraph, at any time prior to obtaining the Amneal stockholder approval, but not after, the Amneal Board or the Independent Committee may, subject to compliance with the terms of this paragraph, make a buyer adverse recommendation change in response to a buyer intervening event (as defined below), if (i) the Amneal Board or the Independent Committee, as applicable, determines in good faith, after consultation with its outside legal counsel and financial advisors, that the failure to do so would reasonably be expected to be inconsistent with its fiduciary duties under applicable law, (ii) Amneal delivers to the seller representative at least four (4) business days prior to such buyer adverse recommendation change, a written notice (a “buyer notice”) (which notice itself will not constitute a buyer adverse recommendation change) advising the seller representative that the Amneal Board or the Independent Committee intends to take such action and specifying the reasons therefor, including a description of such buyer intervening event in reasonable detail, (iii) to the extent the seller representative wishes to negotiate, Amneal has negotiated with, and has caused its representatives (including its executive officers and members of the Independent Committee) to negotiate with, the seller representative in good faith during the four (4) business day period following receipt by the seller representative of the buyer notice (which period will expire at 11:59 p.m., Eastern Time, on the fourth (4th) business day, the “buyer notice period”) in order to enable the seller representative to propose revisions to the terms of the purchase agreement or the transactions contemplated thereby and (iv) following the buyer notice period, and after considering the results of any such negotiations and giving effect to any proposals, amendments or modifications made in writing or agreed to in writing by the seller representative, the Amneal Board or Independent Committee, as applicable, again determines in good faith, after consultation with its outside legal counsel and financial advisors, that the failure to make a buyer adverse recommendation change would reasonably be expected to be inconsistent with its fiduciary duties under applicable law; provided, that in the event of any change to the financial or any other material facts of such buyer intervening event during the buyer notice period, this provision will again apply with respect to each such revision (but the four (4) business day period will instead be two (2) business days measured from the later of the end of the original four business day period or delivery to the seller representative of written notice of such revised terms).