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FURTHER DETAILS ON SYNTEX MEETING WITH SECURITIES ANALYSTS

 NEW YORK, July 21 /PR Newswire/ -- As reported earlier today, Syntex Corp. (NYSE: SYN) said that based on its assessment of the company's financial condition and future outlook, including anticipated revenues, it is not currently contemplating any changes in the company's dividend on its common stock. The current dividend rate is $0.26 per share per quarter.
 Syntex chairman and chief executive officer Paul E. Freiman made the statement today at a long-scheduled meeting of the New York Society of Securities Analysts Health Care Splinter Group. Approximately 80 analysts and portfolio managers attended the meeting.
 Freiman also provided details of Syntex's previously announced restructuring program, which will involve the consolidation of a number of manufacturing and research facilities and will result in a 20 percent reduction in the company's workforce between November 1992 and August 1995. As previously announced, pharmaceutical production plants in France, the United Kingdom and Palo Alto, Calif., will be closed, as will discovery research facilities in Canada and France. The majority of the workforce reductions will be in the manufacturing and overhead (selling, general and administrative) areas.
 "Our restructuring program puts us out in front in the pharmaceutical industry -- moving quickly to adapt to the new, more difficult healthcare environment," Freiman said. "These changes are painful, but we're convinced that they're absolutely necessary for Syntex. We're fully aware of the problems facing healthcare providers around the world, and of Syntex's special challenge as the United States patents for naproxen and naproxen sodium, our crown jewels, expire in December 1993. We're taking dramatic steps now to reduce our costs, maximize sales opportunities and advance our research and development pipeline to help position Syntex as one of the companies that can not only survive the 1990s but can emerge at the end of the decade a stronger, more-focused company," he said.
 Freiman said that Syntex expects to save at least $180 million in annual operating costs after the restructuring program is fully implemented in FY95. In the meantime, the company is beginning to see some reductions in SG&A spending as the first parts of the restructuring program are implemented.
 James Wilson, president and chief operating officer, outlined Syntex's naproxen patent expiration strategy. He announced that, in addition to continuing to market a branded form of prescription Naprosyn(R) (naproxen), Syntex will enter the generic market with its own generic naproxen tablets for use under a physician's prescription. The generic prescription product will be produced in Puerto Rico and marketed by the company's Hamilton Pharma Inc. subsidiary, assisted by HMS Sales and Marketing Inc., of Jacksonville, Fla. Syntex expects that its generic naproxen, which has already been approved for marketing by the Food and Drug Administration, will be available to customers in the fall. In addition, Syntex will supply bulk naproxen to other makers of generic prescription drugs.
 Wilson also noted that Syntex intends to market an over-the-counter, nonprescription version of naproxen with its joint venture partner, Procter & Gamble, if that product is approved for marketing by the FDA. The company has been in active discussions with the FDA following a meeting in June at which a majority of the members of two advisory committees to the FDA recommended against approving the compound for nonprescription use.
 "We expect to be able to address the questions raised by advisory committee members and to win approval to market OTC naproxen," Wilson said. He declined to speculate on the timing of such an approval.
 Robert Roe, president, Syntex Development Research, told analysts that Syntex has set new priorities for compounds in its development pipeline in order to provide more support to compounds with the highest potential. In addition to those compounds currently awaiting regulatory approval for marketing, investigational compounds that have been given the highest priority status under the new system are:
 -- mycophenolate mofetil, for the prevention and treatment of kidney transplant rejection. A New Drug Application (NDA) is expected to be submitted in calendar 1994.
 -- an oral formulation of ganciclovir, for the treatment of cytomegalovirus (CMV) retinitis and prevention of CMV disease in persons with AIDS. An NDA is expected to be submitted in calendar 1994.
 -- ranolazine, for the treatment of angina, with possible special utility in refractory patients, and possible use in intermittent claudication due to peripheral arterial disease.
 -- RS15385, for the treatment of male erectile dysfunction.
 Roe also said that as a result of the company's re-engineered drug development process, Syntex expects to reduce by at least 50 percent the time required to bring compounds from discovery research to market. He expects to see substantial savings in the time required to develop and write protocols (clinical trial designs), to enter data in a new worldwide, regulatory data management system, and to submit NDAs after the completion of clinical studies.
 Dr. Robert Lewis, president, Syntex Discovery Research, and Richard Powers, senior vice president and chief financial officer, also fielded questions from analysts at the meeting.
 Syntex is a multinational healthcare company that discovers, develops, manufactures and markets prescription medicines to treat serious human diseases in areas including pain, inflammation and immunology; neurobiology; and cardiovascular and cerebrovascular disease. Syntex also develops, manufactures, and markets animal health pharmaceutical products and medical diagnostic systems. The company has approximately $2 billion in sales.
 -0- 7/21/93
 /CONTACT: Linda Thomas of Syntex, 415-852-1321/
 (SYN)


CO: Syntex Corp. ST: California IN: MTC SU: RCN

TM -- SJ009 -- 4076 07/21/93 15:16 EDT
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Date:Jul 21, 1993
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