DRAXIS To Receive An Additional $2.0 Million From Anipryl Collaboration.Business Editors
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Dec. 6, 2000
DRAXIS Health Inc. (Nasdaq:DRAX)(TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). :DAX.) today announced that it is entitled to receive an additional payment of approximately CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $2.0 million on April 1, 2001 from Pfizer Inc. (NYSE NYSE
See: New York Stock Exchange : PFE 1. (text, editor) PFE - Programmer's File Editor.
2. (language) PFE - Portable Forth Environment. ) pursuant to provisions contained in DRAXIS' global arrangement with respect to Anipryl(R).
A year-end accrual will be set up for this amount which relates to sales for the three-year period ending December 31, 2000.
In December 1997, DRAXIS entered into a worldwide comprehensive alliance with Pfizer Inc. with respect to Anipryl(R), a veterinary prescription medication. Under the terms of the alliance, DRAXIS licensed the right to market, sell and distribute Anipryl(R) globally in return for milestones, royalty payments including defined minimums, a supply agreement and a research and development (R&D) collaboration. The amount specified above falls within the minimum royalty provisions of the agreement.
DRAXIS Health Inc. is a diversified speciality pharmaceutical company operating in three niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector.
By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. : Radiopharmaceuticals (DRAXIMAGE), Canadian sales and marketing (DRAXIS Pharmaceutica) and Companion Animal Health (through its global alliance with Pfizer Inc.). DRAXIS supports its own as well as third party manufacturing requirements through its subsidiary, DRAXIS Pharma, located in Kirkland, Quebec Kirkland is a municipality on the Island of Montreal in southwestern Quebec, Canada. As of October 2005, the population was 21,735. It is named after Dr. Charles-Aimé Kirkland, a Quebec provincial politician. .
Except for historical information, this news release contains certain 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. 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 U.S. Securities and Exchange Commission and Canadian securities authorities.