DRAXIS And Pfizer Amend Licensing Terms For Anipryl'R'.Business Editors MISSISSAUGA, Ontario--(BUSINESS WIRE)--Dec. 20, 2001 DRAXIS Receives US$3 Million and Rights Outside U.S. and Canada DRAXIS Health Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DRAX) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAX.) and Pfizer Inc. (NYSE NYSE See: New York Stock Exchange : PFE 1. (text, editor) PFE - Programmer's File Editor. 2. (language) PFE - Portable Forth Environment. ) have agreed to amend the terms of their licensing and related agreements regarding Anipryl(R), a veterinary prescription pharmaceutical product developed by DRAXIS and licensed to Pfizer in 1997. Under the amendments, DRAXIS has received a US$3 million payment, Pfizer will continue to market and sell Anipryl(R) 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. and Canada and DRAXIS will continue to receive royalties on those sales. The rights to Anipryl(R) for all other jurisdictions will revert to DRAXIS. The amendments also address royalty provisions and joint product development as well as the manufacturing and supply arrangement. Pfizer will make no additional payments to DRAXIS related to either minimum royalty provisions or milestones. DRAXIS and Pfizer have also agreed to conduct no further collaborative research on new indications or formulations of Anipryl(R). In December 1997, DRAXIS entered into a worldwide comprehensive alliance with Pfizer with respect to Anipryl(R). Under the original terms of the alliance, DRAXIS licensed to Pfizer the right to market, sell and distribute Anipryl(R) globally, in return for milestones, royalty payments, a supply agreement and a research and development collaboration. DRAXIS intends to seek Anipryl(R) marketing partnerships for countries outside North America. In addition to the U.S. and Canada, Anipryl(R) is approved in Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and Brazil for the treatment of canine Cognitive Dysfunction Syndrome and canine Cushing's disease Cushing's disease: see Cushing, Harvey Williams. . It has also been submitted for approval in the United Kingdom under the decentralized de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. European registration procedure. About DRAXIS Health Inc. DRAXIS Health Inc. is a diversified specialty pharmaceutical company with operations in three niche markets: radiopharmaceuticals (DRAXIMAGE Inc.), contract pharmaceutical manufacturing (DRAXIS Pharma Inc.) and pharmaceutical sales and marketing (DRAXIS Pharmaceutica). Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties, which may cause actual results to differ materially from the statements made. Such factors include, but are not limited to, changing market conditions, clinical trial results, the establishment of new corporate alliances, the impact of competitive products and pricing, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time-to-time in the Company's filings with the US Securities and Exchange Commission and Canadian securities authorities. |
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