Axcan to Acquire US Rights to Viokase(R).MONTREAL--(BUSINESS WIRE)--June 3, 1997--AXCAN PHARMA(TSE;ME AXP) Axcan Pharma US Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Axcan Pharma Inc., has signed a letter of intent with American Home Products Corporation whereby Axcan will acquire the US rights to Viokase(R), an oral pancrelipase formulation. Viokase(R) is a pancreatic enzyme preparation containing standardized lipase lipase (lī`pās), any enzyme capable of degrading lipid molecules. The bulk of dietary lipids are a class called triacylglycerols and are attacked by lipases to yield simple fatty acids and glycerol, molecules which can permeate the membranes , protease and amylase amylase (ăm`əlās'), enzyme having physiological, commercial, and historical significance, also called diastase. It is found in both plants and animals. Amylase was purified (1835) from malt by Anselme Payen and Jean Persoz. in fixed proportions. The acquisition of Viokase(R) complements Axcan's own existing rage of gastroenterology products including Salofalk(R) for inflammatory bowel disease inflammatory bowel disease n. Abbr. IBD Any of several incurable and debilitating diseases of the gastrointestinal tract characterized by inflammation and obstruction of parts of the intestine. , a line of antacid preparations, Helisal(TM), a rapid whole blood test for in-office detection of Helicobacter pylori, and URSO(R) ursodiol, currently awaiting FDA approval for the treatment of primary biliary cirrhosis Primary Biliary Cirrhosis Definition Primary biliary cirrhosis is the gradual destruction of the biliary system for unknown reasons. Description . Viokase(R) will be the second "Axcan" product on the US market. Axcan intends to co-market Viokase(R) with Paddock Laboratories, MN, and will relocate its US base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army from Plattsburg, NY, to Minneapolis. The acquisition is subject to respective corporate approvals and due diligence provisions. If completed, the transaction will allow Axcan to increase its total sales by more than 25 percent in fiscal 1997-1998 American Home Products is one of the world's largest research-based pharmaceutical and health-care products companies and is a leading developer, manufacturer and marketer of prescription drugs and over-the-counter medications. It also is a leader in vaccines, biotechnology, agricultural products, animal health care and medical devices. Axcan Pharma specializes not only in the field of gastroenterology but, is also active in contraception, the prevention of sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely and hemodialysis. Founded in 1983, its head office is located in Mont-Saint-Hilaire (Quebec), and in Laval (Quebec). CONTACT: AXCAN PHARMA INC. Bertrand Bolduc, 514/467-5138 514/464-9979 (FAX) bbolduc@axcan.com http://www.axcan.com |
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