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YAMANOUCHI TO PURCHASE EQUITY POSITION IN ROBERTS PHARMACEUTICALS

    YAMANOUCHI TO PURCHASE EQUITY POSITION IN ROBERTS PHARMACEUTICALS
    EATONTOWN, N.J., Dec. 23 /PRNewswire/ -- Roberts Pharmaceutical Corporation (NASDAQ: RPCX) announced today that Roberts and Yamanouchi Pharmaceutical Co., Ltd., have signed a letter of intent for the purchase by Yamanouchi of 4,000,000 newly issued shares from the company.
    The stock purchase will increase the number of shares of Roberts common stock outstanding from 9.8 million to 13.8 million shares and will result in Yamanouchi having an approximately 29 percent ownership interest in Roberts.  The investment, which is expected to be concluded in February 1992, will provide Yamanouchi with up to two seats on Roberts' board of directors.  Roberts will use the proceeds of approximately $95 million for the acceleration of new product development programs, possible future acquisitions and other corporate expansion purposes.  The transaction is subject to execution of the definitive agreement, and the obtaining of regulatory approvals and other conditions.
    In commenting on the proposed Yamanouchi investment, Roberts Chairman and CEO Robert A. Vukovich noted, "This investment from Yamanouchi, the premier research and development oriented pharmaceutical firm of Japan, provides Roberts with substantial financial support and potential access to a pipeline of exciting new chemical entity drugs. In addition, Roberts' substantial North American drug development capabilities and growing sales and marketing strengths will provide Yamanouchi with an option for further expansion in the United States and Canadian markets."
    Yamanouchi Pharmaceutical, a leader in Japan's growing pharmaceutical industry, is engaged in the research, manufacture, and marketing of a broad range of ethical and over-the-counter (OTC) drugs. Current worldwide annual sales exceed $2 billion.
    Yamanouchi has expanded its worldwide operations through licensing, research activities, manufacturing in Ireland and the acquisitions of Shaklee Corporation in the United States and Brocades Pharma BV in Europe.  These activities represent important steps for Yamanouchi to build a global healthcare presence.
    Roberts Pharmaceutical Corporation is engaged in the business of acquiring, developing and marketing human pharmaceuticals in the United States and abroad.  The company is developing late stage pharmaceuticals for the treatment of cancer, respiratory disease, endocrine disorders, pain management, cardiovascular and urologic conditions.  Roberts currently markets a line of prescription and non-prescription pharmaceuticals in the United States and abroad.
    -0-                     12/23/91
    /CONTACT:  Anthony P. Maris of Roberts, 908-389-1182/
    (RPCX) CO:  Roberts Pharmaceutical Corporation; Yamanouchi Pharmaceutical Co.,
     Ltd. ST:  New Jersey IN:  MTC SU:  TNM FC-GK -- NY010 -- 4723 12/23/91 09:19 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 23, 1991
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