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BIO-TECHNOLOGY GENERAL ANNOUNCES AGREEMENT TO REACQUIRE FOREIGN RIGHTS TO HUMAN GROWTH HORMONE FROM SMITHKLINE BEECHAM

BIO-TECHNOLOGY GENERAL ANNOUNCES AGREEMENT TO REACQUIRE FOREIGN RIGHTS
 TO HUMAN GROWTH HORMONE FROM SMITHKLINE BEECHAM
 NEW YORK, July 17 /PRNewswire/ -- Bio-Technology General Corp. (NASDAQ: BTGC) announced today that it and SmithKline Beecham (SB) had reached an agreement in principle whereby BTG would reacquire all rights to its human growth hormone (hGH) in Europe and certain other countries previously licensed to SB.
 The rights to be reacquired include the European Economic Community's (EEC) Committee for Proprietary Medicinal Products approval of the use of the company's hGH for growth hormone deficient children, together with all individual EEC member country approvals and pricing approvals obtained by SB to date. The company has agreed to pay SB an aggregate of $3 million over a period of three to five years, approximating SB's payments to the company under the license agreement. BTG has commenced discussions with companies which had previously expressed an interest in obtaining marketing rights to BTG's hGH in territories licensed to SB. SB has agreed to provide marketing consulting services to BTG with respect to the marketing of BTG's hGH. The company expects to complete the reacquisition in the next several weeks.
 Sim Fass, BTG's president and chief executive officer, stated: "We are actively pursuing a new licensing arrangement and do not believe this development will unduly delay the launch of the company's hGH in Europe. We intend to secure a strong, viable relationship for hGH in Europe at the earliest opportunity, hopefully in the coming few weeks so that we can introduce the product with a renewed sense of commitment and urgency."
 Bio-Technology General Corp. is engaged in the research, development and manufacture of genetically engineered products for human and animal healthcare.
 -0- 7/17/92
 /CONTACT: Sim Fass, president and CEO of BTG, 212-239-0450; or Richard Cooper (investor relations) of Strategic Growth International, 212-826-9622, or Anthony Russo (press) of Noonan/Russo Communications, 212-979-9180, both for BTG/
 (BTGC) CO: Bio-Technology General Corp.; SmithKline Beecham ST: New York IN: MTC SU: LIC


GK-OS -- NY007 -- 0102 07/17/92 09:11 EDT
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Publication:PR Newswire
Date:Jul 17, 1992
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