AMERICAN HOME PRODUCTS AND ALZA ENTER JOINT RESEARCH, DEVELOPMENT AND MARKETING AGREEMENT
AMERICAN HOME PRODUCTS AND ALZA ENTER JOINT RESEARCH,
DEVELOPMENT AND MARKETING AGREEMENT
NEW YORK, Nov. 20 /PRNewswire/ -- American Home Products Corporation (NYSE: AHP) and ALZA Corporation (AMEX: AZA) announced today that they have entered into an agreement to develop and market pharmaceutical products.
Under the terms of the agreement, products will be jointly selected by the scientific and marketing professionals of both companies for development utilizing ALZA's proprietary drug delivery systems, including its oral, transdermal and electrotransport technologies. ALZA will be responsible for determining technical and clinical feasibility and for non-clinical product development, for which it will receive funding from American Home Products. The Wyeth-Ayerst division of American Home Products will direct the clinical development and registration of these products and will be responsible for introductory marketing on a worldwide basis. The products will be manufactured by ALZA.
American Home Products will have exclusive worldwide marketing rights until target sales levels are achieved, and ALZA will receive payments based on product sales. Once these targets are met, ALZA will have the right to co-promote products with Wyeth-Ayerst.
Commenting on the agreement, John R. Stafford, chairman and chief executive officer of American Home Products, said, "This is another important example of our commitment to pharmaceutical research and development in various emerging technologies. We are confident that successful products will emerge from our collaboration with ALZA which is the preeminent company in the drug delivery field."
Martin S. Gerstel, ALZA's chief executive officer, stated, "This arrangement provides for the development of a number of important new pharmaceutical products and, in addition, provides ALZA with the opportunity to build on a long-term basis a substantial marketing capability. American Home Products is an excellent partner for a collaboration of this kind."
ALZA is a leading drug delivery systems company focusing on the development, manufacture and marketing of a broad range of proprietary pharmaceutical products. ALZA's therapeutic systems provide greater control of programmed administration of medication for both human and veterinary applications.
American Home Products Corporation is a worldwide manufacturer and marketer of prescription drugs, medical supplies and diagnostic equipment, over-the-counter medicines, and food products. Its Wyeth- Ayerst division is a major research-oriented pharmaceutical company with leading products in the areas of female health care, cardiovascular and metabolic disease therapies, CNS, anti-inflammatory agents, vaccines, and infant nutritionals.
/CONTACT: John L. Skule, 212-878-5015, or John R. Considine (investors), 212-878-6429, both of American Home Products; or Laura Mills or Bonnie Burdett (investors) of ALZA, 415-494-5222/
(AHP AZA) CO: American Home Products Corp.; ALZA Corp. ST: New York IN: MTC SU: FC-OS -- NY037 -- 5407 11/20/91 12:09 EST