Biovail Signs Latin American Marketing Agreement With Glaxo Wellcome.TORONTO--(BW HealthWire)--May 5, 1998--Biovail Corporation International (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF) today announced that it has signed a licensing agreement with Glaxo Wellcome S.A. for the marketing of Biovail's controlled release generic version of Trental(R) (Pentoxifylline) in Argentina, Brazil and Mexico. Trental(R) is prescribed for the treatment of chronic peripheral arterial disease and generates annual sales in excess of $52 million in Latin America. Glaxo Wellcome has an option to market the product in seven additional Latin American markets. Eugene Melnyk, Chairman of the Board, commented, "Biovail continues to exploit its capability of successfully licensing its products in International markets. Latin America is currently one of the fastest growing pharmaceutical markets and Glaxo Wellcome's presence in Latin America is strong. The market dynamics are favorable and launch of the product is anticipated in the first half of 1999." Glaxo Wellcome is a research based company whose people are committed to fighting disease by bringing innovative medicines and services to patients throughout the world and the healthcare providers that serve them. Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and TPD TPD Tons Per Day TPD Therapeutic Products Directorate TPD Total and Permanent Disablement (insurance) TPD Temperature Programmed Desorption TPD Temporary Partial Disability (insurance) approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. CONTACT: Biovail Corporation International Eugene Melnyk or Kenneth Howling, 416/285-6000 |
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