Biovail announces the signing of European licensing agreements governing three markets for its once daily Diltiazem product.TORONTO--(BUSINESS WIRE)--Nov. 5, 1996-- The DuPont Merck Pharmaceutical Company appointed exclusive marketer for the United Kingdom and Ireland; Laboratorios Alter signs agreement for Spain 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 the signing of licensing agreements covering three key European territories for the Company's once daily formulation of the calcium channel blocker calcium channel blocker n. Any of a class of drugs that inhibit movement of calcium ions across a cell membrane, used in the treatment of cardiovascular disorders. Diltiazem (U.S. Trade Mark: Tiazac ), a medication for the treatment of angina pectoris and hypertension. The Company commented that Product launches are expected in the first half of 1997 and will include all five currently available doses. Further negotiations related to other European marketing agreements are ongoing. Announcements concerning these additional European licenses are expected in the near term. Biovail has signed an exclusive marketing agreement for its once daily Diltiazem product with The DuPont Merck Pharmaceutical Co. for the United Kingdom and Ireland. Revenues from both agreements will be derived from Biovail's sales transfer price of both trade and sample supplies. The DuPont Merck Pharmaceutical Company is a worldwide, research-based pharmaceutical company. Formed in 1991 as a partnership between DuPont and Merck & Co., Inc., DuPont Merck is focused on research, development and delivery of pharmaceuticals to treat unmet medical needs in the fight against cardiovascular, central nervous system and inflammatory diseases, cancer and AIDS. The company is also a leader in radiopharmaceuticals. Biovail has also entered into a similar licensing agreement for its product in Spain, Laboratories Alter, a billion dollar privately held Spanish conglomerate with operating business entities in both ethical and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). pharmaceuticals, as well as infant nutritionals and cosmetics, has been appointed the exclusive licensee for Biovail's once daily Diltiazem. Alter's Pharmaceutical portfolio is dominated by products competing in the cardiopulmonary cardiopulmonary /car·dio·pul·mo·nary/ (kahr?de-o-pool´mah-nar-e) pertaining to the heart and lungs. car·di·o·pul·mo·nar·y adj. Of, relating to, or involving both the heart and the lungs. and gastrointestinal market segments. 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, commented, "We are very excited about these two initial marketing agreements covering the United Kingdom, Ireland and Spain. The U.K. and Spain account for two of the four major European markets we are targeting for our product. The European community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. at large represents a growing market for our Diltiazem formulation. The E.C. represents collectively a $2.3 billion calcium channel blocker market, of which Diltiazem accounts for $400 million in increasing annual revenues. Tiazac was launched in the U.S. last February and sales continue to trend upward; we are pleased with the progress of the product to date and expect the upcoming European sales to contribute positively to this trend." 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: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the telecommunications 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 Corp. Eugene Melnyk Chairman of the Board Bob Podruzny Chief Financial Officer 416/285-6000 or Morgen-Walke Associates Investor Relations Investor relations The process by which the corporation communicates with its investors. : Donna Stein Dan Durkin, Cindy Hintelmann Press: Michael McMullan 212/850-5600 |
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