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CARTER-WALLACE ANNOUNCES LICENSING AGREEMENT WITH SCHERING-PLOUGH FOR ITS ANTI-EPILEPTIC DRUG FELBAMATE

 CARTER-WALLACE ANNOUNCES LICENSING AGREEMENT WITH SCHERING-PLOUGH
 FOR ITS ANTI-EPILEPTIC DRUG FELBAMATE
 NEW YORK, April 6 /PRNewswire/ -- Carter-Wallace, Inc. (NYSE: CAR) today announced that it has entered into a licensing agreement with Schering-Plough Corporation (NYSE: SGP) granting Schering-Plough exclusive marketing rights in all markets, except the United States and its territories and possessions, Canada and Mexico, to felbamate, a promising compound for treating epilepsy.
 Carter-Wallace submitted a New Drug Application for felbamate to the Food and Drug Administration (FDA) in September 1991, and is awaiting FDA approval.
 Under the licensing agreement, Carter-Wallace has received an initial, non-refundable license payment of $10,000,000 and is to receive royalties on net sales of its felbamate compound in the territory covered by the license. The payment of the royalties, which may be significant to Carter-Wallace, is dependent upon Schering-Plough obtaining required regulatory approvals from appropriate health authorities in the countries comprising the territory covered by the license agreement.
 Separately, Schering-Plough and Carter-Wallace agreed that, under certain circumstances, they will put into effect a co-promotional arrangement with respect to a Schering-Plough pharmaceutical product to be determined in the future. This co-promotional arrangement will permit Carter-Wallace to receive fees for services and additional remuneration attributable to growth in sales of such product which, in total, may be significant to Carter-Wallace.
 Carter-Wallace, Inc., markets toiletries, proprietary drugs, pharmaceuticals, diagnostic specialties and pet products.
 -0- 4/6/92
 /CONTACT: Ralph Levine of Carter-Wallace, 212-339-5000/
 (CAR SGP) CO: Carter-Wallace, Inc.; Schering-Plough Corporation ST: New York, New Jersey IN: MTC SU: LIC


GK-SH -- NY065 -- 5441 04/06/92 14:47 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
Words:262
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