Mylan Laboratories announces signing of exclusive license agreement between its wholly owned subsidiary Dow Hickam Pharmaceuticals Inc. and Smith & Nephew Ltd.PITTSBURGH--(BUSINESS WIRE)--Dec. 21, 1994--Mylan Laboratories Inc. (NYSE NYSE See: New York Stock Exchange :MYL MYL Mind Your Language MYL Made You Laugh MYL Miss You Lots MYL Meet You Later MYL Miss You Loads ) announced today that its subsidiary, Dow Hickam Pharmaceuticals Inc. has signed a license agreement with Smith & Nephew Ltd. (headquartered in England) for the exclusive rights to manufacture, market and sell a topical anesthetic. The agreement grants to Hickam an exclusive license for all indications relating to the licensed technology as well as certain rights to any new technologies in the field of topical anesthesia Topical Anesthesia Definition Topical anesthesia is a condition of temporary numbness caused by applying a substance directly to a surface of the body. Loss of feeling occurs in the specific areas touched by the anesthetic substance. . Current plans are for the product to be manufactured in Hickam's Texas manufacturing facility and for Hickam's sales force to promote and sell all products resulting from this technology. The market potential for products resulting from this technology is estimated to be approximately $40-$50 million annually. The acquisition expands the company's dermatology product pipeline which was strengthened recently by the announced acquisition of sertaconazole, an imidazole imidazole /im·id·az·ole/ (im?id-az´ol) 1. a heterocyclic organic compound in which two of five ring atoms are nitrogen; used as an insecticide. 2. any of a class of antifungal compounds containing this structure. derivative indicated for a wide range of fungal infections. Milan Puskar, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Mylan, commented that the company is extremely pleased with the acquisition of this technology and looks forward to the successful launch of this new Mylan product. CONTACT: Mylan Laboratories Patricia Sunseri, 412/232-0100 |
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