ROBERTS PHARMACEUTICAL CORPORATION ACQUIRES FOUR PRESCRIPTION PRODUCTS FROM SEARLE CANADA INC.
SKOKIE, Ill., and EATONTOWN, N.J., March 25 /PRNewswire/ -- Roberts Pharmaceutical Corporation (NASDAQ: RPCX) and Searle have completed an agreement providing Roberts with exclusive Canadian rights to four Searle products: Norpace(R)/Norpace(R) CR, anti-arrhythmic cardiovascular drugs, and Banthine(R)/Pro-Banthine(R), anti-spasmodic drugs used to treat a variety of gastrointestinal disorders. Terms of the transaction were not disclosed. According to Joseph T. Curti, M.D., Searle corporate executive vice president and president, North American Operations, new product approvals in Canada are the reason for the sale of these products to Roberts. Searle recently received approval for Arthrotec(R), an innovative non-steroidal anti-inflammatory drug, and Maxaquin(R), a powerful quinolone anti-infective. Another new drug, Ambien(TM), which offers a completely new approach to the treatment of insomnia, is awaiting approval in Canada. "With multiple new product approvals in Canada, Norpace, Norpace CR, Banthine and Pro-Banthine no longer fit with Searle strategic objectives," said Curti. "Throughout the 1990s worldwide, we will concentrate our resources on innovative, patented products with high growth potentials." Commenting on the acquisition, Dr. Robert A. Vukovich, chairman and chief executive officer of Roberts, said, "The addition of these important products to our Canadian portfolio fits nicely into our strategy to expand the operations of Roberts of Canada. The new products will serve to broaden our market share and increase our physician awareness in the Canadian prescription drug market. The acquisition of Pro-Banthine in Canada allows Roberts greater penetration into the North American market since the U.S. rights to this product were acquired this past December from Searle. Roberts' Canadian subsidiary, Roberts of Canada, will begin marketing these products as soon as possible." Searle is a research-based developer, manufacturer and marketer of prescription drugs worldwide. It is a wholly owned subsidiary of the Monsanto Company (NYSE: MTC). Roberts Pharmaceutical Corporation is an international pharmaceutical company focusing on the acquisition and development of high-potential, undervalued, late-stage development products and the acquisition of currently marketed prescription and non-prescription products. -0- 3/25/93 /CONTACT: Jeffrey G. Newton of Searle, 708-470-6280; or Anthony P. Maris of Roberts Pharmaceuticals, 908-389-1182/ (MTC RPCX)
CO: Roberts Pharmaceutical Corporation; Searle ST: Illinois, New Jersey IN: MTC SU: TNM
TS-LR -- NY042 -- 9564 03/25/93 11:47 EST
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|Date:||Mar 25, 1993|
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