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STERLING WINTHROP AND ELF SANOFI ANNOUNCE CONTINUED PROGRESS IN ALLIANCE; SANOFI WINTHROP PURCHASES MINORITY INTEREST IN CHINOIN

 STERLING WINTHROP AND ELF SANOFI ANNOUNCE CONTINUED PROGRESS IN
 ALLIANCE; SANOFI WINTHROP PURCHASES MINORITY INTEREST IN CHINOIN
 NEW YORK, May 20 /PRNewswire/ -- Sterling Winthrop Inc. and Elf Sanofi jointly announced today that its Sanofi Winthrop pharmaceutical alliance has purchased a 40 percent interest in Chinoin, the second largest Hungarian pharmaceutical company. The alliance also has the option to purchase a majority position in Chinoin in 1994. The equity interest had been previously held by Elf Sanofi alone.
 The action taken further implements the innovative worldwide alliance entered into last year by Sterling Winthrop and Elf Sanofi. Sanofi Winthrop's direct presence in Eastern Europe has been reinforced as a result of Chinoin's solid presence in these markets.
 Sanofi Winthrop also gains access to the research and development pipeline of Chinoin. The company already has two products for the treatment of osteoporosis and Parkinson's disease, and has innovative compounds for treatment of Parkinson's and Alzheimer's diseases in development.
 "The purchase of this interest in Chinoin further demonstrates how the people of Sanofi Winthrop continue to work together to drive our innovative alliance to a position of leadership in the pharmaceutical industry," said Louis P. Mattis, chairman and chief executive officer of Sterling Winthrop Inc. Both Mattis and Jean-Francois Dehecq, chairman and chief executive officer of Elf Sanofi, will be members of Chinoin's board of directors.
 Sterling Winthrop Inc. is headquartered in New York and Elf Sanofi is headquartered in Paris.
 -0- 5/20/92
 /CONTACT: Terry G. Kelley, 212-907-3009, or David M. Marcou, 212-907-2672, both of Sterling Winthrop/ CO: Sterling Winthrop Inc.; Elf Sanofi; Chinoin ST: New York IN: MTC SU:


GK-SM -- NY033 -- 2280 05/20/92 11:03 EDT
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Publication:PR Newswire
Date:May 20, 1992
Words:278
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