Drug Royalty's Partner Signs Exclusive License Agreement with Mylan.TORONTO--(BUSINESS WIRE)--July 26, 1996--DRUG ROYALTY CORP.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : DRI See Digital Research. ) Drug Royalty reported today that Phytogen International LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has entered into an agreement with Mylan Pharmaceuticals Inc. granting Mylan an exclusive license to introduce generic Taxol(R) into 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. , Canada and Mexico. Taxol(R) is an oncology product of Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were which is used in the treatment of ovarian and breast cancer. Under the terms of the agreement, Mylan will develop, manufacture and market the product. Phytogen will supply the bulk fine chemical, Paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); and license certain technology, exclusively to Mylan. Phytogen International LLC is a subsidiary of Phytogen Life Sciences, Inc. a Canadian company located near Vancouver, British Columbia. The company specializes in the cultivation, extraction and purification of natural products from medicinal plants for sale to international pharmaceutical and health care markets. In 1995, Drug Royalty provided $1.5 million to Phytogen, in exchange for a percentage of revenues from Paclitaxel, including license fees, direct sales and royalties, as well as other entitlements. Paclitaxel is the active compound contained in Taxol(R). Mylan Laboratories Inc. and its subsidiary, Mylan Pharmaceuticals Inc., are engaged primarily in manufacturing a variety of pharmaceutical products in finished tablet, capsule and powder dosage forms. In 1995 Mylan had sales of $396 million. "We are extremely pleased with this agreement between Phytogen and Mylan which confirms our confidence in Phytogen's technology", said Jim Webster, Senior Vice-President of Drug Royalty. "Mylan is a very capable marketing partner with the critical mass and track record to be successful in this significant oncology market". Drug Royalty Corporation Inc. provides shareholders with a means of participating in the global pharmaceutical industry by acquiring royalty rights in emerging and existing drugs and medical technologies. Drug Royalty's common shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol DRI. CONTACT: Drug Royalty Corporation Inc. Jim Webster, 416/863-1865 416/863-5161 (Fax) or Drug Royalty Corporation Inc. Harry Loveys, 416/863-1865 416/863-5161 (Fax) |
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