Catalytica Pharmaceuticals Announces Order From Pfizer.MOUNTAIN VIEW, Calif.--(BW HealthWire)--July 29, 1997-- Catalytica Pharmaceuticals, Inc., a subsidiary of Catalytica, Inc. (Nasdaq: CTAL CTAL Confederacion de Trabajadores de America Latina (Confederation of Latin American Workers) CTAL Canadian Tire Acceptance Limited CTAL Computer Technology Application Lab, Inc. CTAL Confidentially Typed Assembly Language ), today announced that it has received an order from Pfizer Pfizer Incorporated (NYSE: PFE) is a major research-based pharmaceutical company, which ranks number two in sales The company is based in New York City. It produces the number-one selling drug Lipitor (atorvastatin, used to lower blood cholesterol); the oral antifungal Inc. for a key intermediate of a significant drug in Pfizer's pipeline which is expected to be approved by the U.S. Food and Drug Administration next year. This order is subject to certain conditions. The intermediate is deliverable by the end of 1998. Catalytica expects to manufacture the pharmaceutical intermediate at the Greenville, North Carolina
Greenville, one of the fastest growing cities in North Carolina, is the county seat of Pitt County, and is the principal city of the Greenville, North Carolina Metropolitan Statistical Area. plant that it has agreed to purchase from Glaxo Wellcome This article is about the supermarket chain. For the pharmaceutical entrepreneur, see Henry Wellcome. For the charity and related companies, see Wellcome Trust. Wellcome (Chinese: 惠康 Inc., in a transaction that is expected to close on or about July 31, 1997. Catalytica has been working with Pfizer for several years. Initially, the company focused on the development of more cost-efficient, environmentally acceptable processes for the production of clinical trial materials for Pfizer's drug development group. Over the past two years, success in this effort has led to greater interaction with the manufacturing group. This is the third in a series of orders for Catalytica Pharmaceuticals from Pfizer's manufacturing group. In May 1996, Pfizer invested $15 million in Catalytica Pharmaceuticals in exchange for a minority equity stake and a five-year commitment by Catalytica to provide research and development services. James A. Cusumano, chairman of Catalytica and chief executive officer of Catalytica Pharmaceuticals, commented, "We are pleased to work with Pfizer on the manufacture of this promising drug and we look forward to opportunities to supply follow-on quantities in the years ahead. We believe this order is an important step towards the development of a preferred manufacturing relationship with Pfizer." The conditional Pfizer order is the first received by Catalytica to be filled at the Greenville plant using capacity not required under its five-year pharmaceutical supply agreement with Glaxo Wellcome. Discussions with existing and potential clients for the additional capacity are underway. Catalytica, Inc. develops and produces advanced products that use proprietary catalytic cat·a·lyt·ic adj. Of, involving, or acting as a catalyst: "Deregulation's catalytic power . . . is still reshaping the banking, communications, and transportation industries" Ellyn E. technologies to lower manufacturing costs and reduce hazardous byproducts. Catalytica Pharmaceuticals, Inc. (formerly Catalytica Fine Chemicals, Inc.) develops and manufactures fine chemical building blocks for the pharmaceutical industry. Catalytica Combustion combustion, rapid chemical reaction of two or more substances with a characteristic liberation of heat and light; it is commonly called burning. The burning of a fuel (e.g., wood, coal, oil, or natural gas) in air is a familiar example of combustion. Systems develops advanced systems for the elimination of emissions generated by gas turbines. Pfizer Inc is a research-based, global health-care company. The company reported sales of $11.3 billion for 1996, and expects to spend about $2 billion on research and development in 1997. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the proposed transaction with Glaxo Wellcome which is subject to certain risks and uncertainties including the completion of the debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay necessary to complete the transaction, regulatory approvals and consents, approval by Catalytica's stockholders and satisfaction of closing conditions of the MSCP MSCP Mass Storage & Control Protocol MSCP Multi-Storey Car Park MSCP Multi-Species Conservation Program MSCP Managed Services Channel Program (Cisco) MSCP Master of Science in Counseling Psychology MSCP Microsoft Certified Professional equity purchase and the definitive agreement with Glaxo Wellcome, and other customary conditions. This news release also contains forward-looking statements regarding Catalytica's future operation of the facility assuming the transaction is completed. These statements involve risks and uncertainty, including without limitation successful transfer to new management, the ability to operate the facility efficiently, product development delays, changes in demand for Catalytica's products, changes in environmental regulations, the impact of 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 other regulations on fine chemical manufacturing, and competition from pharmaceutical companies that produce their own products and from other fine chemical manufacturers. Investors are encouraged to review Catalytica's Form 10-K/A for the year ended December 31, 1996 (Part II, Item 7) and Form 10-Q Form 10-Q See 10-Q. for the period ended March 31, 1997 for a more complete discussion of factors that could affect Catalytica's future performance. Catalytica Web address: http://www.catalytica-inc.com CONTACT: Catalytica, Inc. Lloyd Baylis, (415) 960-3000 |
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