Printer Friendly

WARNER-LAMBERT AND GLAXO ANNOUNCE Rx-TO-OTC JOINT VENTURE

 MORRIS PLAINS, N.J., July 28 /PRNewswire/ -- Warner-Lambert Company (NYSE: WLA) and Glaxo Holdings p.l.c. (NYSE: GLX) today announced that they have signed a letter of intent to form a worldwide joint venture to develop, seek approval for and market over-the-counter (OTC) versions of Glaxo prescription drugs, including the leading ulcer treatment, Zantac. The joint venture will initially concentrate on developing Zantac for sale as an OTC product in the United States and other major markets, excluding Japan. The OTC product will be at a lower dose than the prescription version, with an expected indication for the treatment of conditions such as episodic heartburn.
 The proposed agreement will include rights to the Zantac trademark for approved OTC claims and dosage forms. Zantac is the world's largest selling prescription medicine, with 1992 sales exceeding $3.2 billion.
 Glaxo Chairman Sir Paul Girolami said, "For Glaxo the aim of this important joint venture is to maximize the potential of the OTC use of our products while allowing us to continue to focus sharply on discovering, developing and marketing prescription medicines, which is our mission. The joint venture combines Glaxo's skills in drug discovery and development with Warner-Lambert's OTC development skills and worldwide marketing networks."
 Warner-Lambert Chairman Melvin R. Goodes said, "This is an excellent


example of the business-building alliances we've been pursuing over the past year. It represents a major opportunity for both companies and promises to extend the therapeutic benefits of Glaxo's rich product pipeline to many more people."
 The letter of intent will be followed by formal agreements to be completed later this year. Under these agreements, Warner-Lambert and Glaxo will form a partnership in the U.S. and a series of joint venture companies in other countries to complete development, gain approval and market Glaxo's Rx-to-OTC candidates. Warner-Lambert and Glaxo will share development costs and profits equally. Glaxo will receive a royalty on all OTC sales by the joint venture, which will be under the direction of a management committee comprised of three members from each company. Day to day management will be the responsibility of Warner-Lambert, and the joint venture's OTC products will be sold by the Warner-Lambert marketing and sales organization.
 Warner-Lambert is a worldwide company devoted to discovering, developing, manufacturing and marketing quality health care and consumer products. It employs approximately 35,000 people.
 -0- 7/28/93
 /CONTACT: Peter Wolf, 201-540-6696, Lisa Wilder, 201-540-2415 or Sandy Horner 201-540-4268 (media); and Stephen Mock, 201-540-6916 or Cary Rosansky, 201-540-4874 (investors), all of Warner-Lambert.
 (WLA GLX)


CO: Warner-Lambert; Glaxo ST: New Jersey IN: MTC SU: JVN

DH -- NY013 -- 6584 07/28/93 08:15 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1993
Words:439
Previous Article:WARNER-LAMBERT, WELLCOME AND GLAXO ANNOUNCE STRATEGIC ALLIANCES
Next Article:TRITON ANNOUNCES FAVORABLE COURT DECISION
Topics:


Related Articles
WARNER-LAMBERT, RHONE-POULENC RORER AGREE TO CO-DEVELOP AND CO-PROMOTE ADVANCED QUINOLONE ANTIBACTERIAL IN U.S. AND CANADA
ELAN AND WARNER LAMBERT UNIT FORM JOINT VENTURE MARKETING COMPANY IN U.K.
WARNER-LAMBERT ANNOUNCES GLOBAL PARTNERSHIP WITH WELLCOME P.L.C.
WARNER-LAMBERT, WELLCOME AND GLAXO ANNOUNCE STRATEGIC ALLIANCES
GLAXO AND WARNER-LAMBERT ANNOUNCE OTC JOINT VENTURE
WARNER-LAMBERT; WELLCOME ENTER OTC JOINT VENTURE
WARNER-LAMBERT TO PURCHASE GLAXO WELLCOME'S INTEREST IN WARNER WELLCOME OTC JOINT VENTURE FOR $1.05 BILLION
WATSON PHARMACEUTICALS ANNOUNCES JOINT VENTURE IN CHINA
WARNER-LAMBERT PURCHASES GLAXO WELLCOME'S INTEREST IN WARNER WELLCOME OTC JOINT VENTURE
Warner-Lambert, Sankyo Announce Joint Venture Partnership and Co-Promotion Agreement

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters