Biovail Corporation acquires technology partner Galephar P.R., Inc.; Acquires European and Other Rights to Tiazac, Its Once-Daily Diltiazem Product.TORONTO, Canada--(BUSINESS WIRE)--September 19, 1995--Biovail Corporation International (AMEX AMEX See: American Stock Exchange , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) today announced that it has acquired Puerto Rico-based Galephar P.R., Inc., a drug delivery company specializing in the development of controlled release products and the co- developer of Biovail's Tiazac , its once-daily diltiazem product. The transaction is an asset purchase and terms were not disclosed. With this transaction, Biovail has acquired from Galephar 1) technology for the development of future controlled-release products and the right to license and market certain products for which Galephar has developed formulations, 2) additional territorial rights to Tiazac , including Europe and 3) a 22,000 square foot research, development and manufacturing facility in Carolina, Puerto Rico Carolina (kah-ro-LEE-nah) is a city located in the northern part of Puerto Rico, bordering the Atlantic Ocean; north of Gurabo and Juncos; east of Trujillo Alto and San Juan; and west of Canóvanas and Loíza. . Eugene Melnyk Eugene Melnyk (born May 27, 1959 in Toronto, Ontario) is a Canadian businessman of Ukrainian origin who now resides in Barbados. He is the chairman and chief executive officer of Biovail Corporation. , Chairman of the Board of Biovail said, "This acquisition significantly enhances the value of our company as we now own another important proprietary and patented technology which will be instrumental in the development of Biovail's future product pipeline. Furthermore, additional territorial rights for Tiazac will allow us to immediately engage in licensing and distribution agreements with major pharmaceutical companies around the world. Tiazac has been filed for regulatory approval in several countries throughout Europe with the most recent approval in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This U.S. approval should expedite the approval process in other countries around the world, where we expect to file shortly." Biovail Corporation International, based in Ontario, Canada, is an international full-service pharmaceutical company, engaged in the formulation, clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy , registration and manufacture of drug products utilizing advanced drug delivery technologies. CONTACT: Biovail Corporation International Eugene Melnyk, 416/285-6000 or Morgen-Walke Associates INVESTOR CONTACT: Donna Stein/Sue Rodney/Courtney Levi 212/850-5600 PRESS CONTACT: Stacy Berns, 212/850-5675 |
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