Navigation Links
Par Pharmaceutical Acquires Spectrum Pharmaceutical's Interest In Sumatriptan Injection
Date:5/7/2008

WOODCLIFF LAKE, N.J., May 7 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that it amended its agreement with Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) for $20 million in cash to increase its share of profits from the generic versions of GlaxoSmithKline's Imitrex(R) Injection, which will be immediately accretive to 2008 earnings and provide a strong return on the Company's investment. As a result of the agreement, Par's profit share will increase from 38% to 95% from the commercialization of sumatriptan injection. Imitrex Injection (sumatriptan succinate injection) is used for the acute treatment of migraine attacks with or without aura, and the acute treatment of cluster headache episodes. Annual US sales of Imitrex Injection are approximately $220 million, according to IMS Health.

In February 2006, Par entered into a collaborative agreement with Spectrum to develop and market generic drugs, including sumatriptan injection. In November 2006, Spectrum entered into a settlement agreement with GlaxoSmithKline (GSK) that resolved US patent litigation related to GSK's Imitrex Injection. Par is permitted to sell generic versions of the 4mg and 6mg starter kits and the 4mg and 6mg prefilled syringe cartridges with an expected launch date no later than November 2008, which is three months before the compound patent expires in February 2009. Par has also acquired Spectrum's remaining interest for the right to sell the 6mg vials.

"We are pleased to add the full line of sumatriptan injectable products to our generic portfolio," said Paul Campanelli, president of Par's generic division. "Patients suffering from migraines will soon have a familiar and more affordable option available to them."

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit http://www.parpharm.com.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to risks and uncertainties, including the extent and impact of litigation arising out of the accounting issues described in the Company's filings with the Securities and Exchange Commission (SEC), the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, uncertainty of patent litigation filed against the Company, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks and uncertainties detailed from time to time in the Company's filings with the SEC, such as the Company's reports on Form 10-K, Form 10-Q and Form 8-K, and amendments thereto. Any forward-looking statements included in this press release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.


'/>"/>
SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. ISTA Pharmaceuticals to Present at the Bank of America 2008 Health Care Conference
2. Cadient Group Continues Winning Streak; Receives Multiple Honors at 2008 Pharmaceutical Advertising and Marketing Excellence Awards
3. Alseres Pharmaceuticals, Inc. to Present at The Neurotech Industry Investing & Partnering Conference
4. Par Pharmaceutical to Host First Quarter 2008 Earnings Conference Call on May 9 at 9:00 AM
5. ADVENTRX Pharmaceuticals to Report First Quarter 2008 Results
6. BioCryst Pharmaceuticals to Announce First Quarter 2008 Financial Results on May 8, 2008
7. Paloma Pharmaceuticals Presents at the Association for Research in Vision and Ophthalmology Meeting
8. Cadence Pharmaceuticals to Host Conference Call and Webcast to Discuss First Quarter Financial Results and Provide a Clinical Program Update on May 6, 2008
9. West Pharmaceutical Services, Inc. Announces Annual Meeting Webcast
10. Arena Pharmaceuticals to Report First Quarter 2008 Financial Results and to Host Conference Call and Webcast on Wednesday, May 7, 2008
11. Arena Pharmaceuticals to Present at the Morgan Stanley Global Healthcare Unplugged Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... 25, 2016 , ... Experts from the American Institutes for ... Meeting June 26-28, 2016, at the Hynes Convention Center in Boston. , AIR ... care planning, healthcare costs and patient and family engagement. , AIR researchers will ...
(Date:6/25/2016)... ... ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors in ... School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green Hospital ... at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train in ...
(Date:6/24/2016)... Michigan (PRWEB) , ... June 24, 2016 , ... Those ... deal with these feelings, many turn to unhealthy avenues, such as drug or alcohol ... of Marne, Michigan, has released tools for healthy coping following a traumatic event. , ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Amanda Cheng, an ... Dr. Cheng has extensive experience with all areas of orthodontics, including robotic Suresmile ... orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It can ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Haute ... Dr. Barry M. Weintraub as a prominent plastic surgeon and the network’s newest ... world, and the most handsome men, look naturally attractive. Plastic surgery should be ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... ANGELES , June 23, 2016 ... CAPR ), a biotechnology company focused ... therapeutics, today announced that patient enrollment in its ... in Duchenne) has exceeded 50% of its 24-patient ... enrollment in the third quarter of 2016, and ...
(Date:6/23/2016)... , June 23, 2016  Astellas today announced the establishment of Astellas Farma Colombia (AFC), a new affiliate with ... Latin America . ... ... ... ...
(Date:6/23/2016)... 23, 2016  Experian Health, the healthcare ... the patient payment and care experience, today ... products and services that will enhance the ... offerings. These award-winning solutions will enable healthcare ... compliant in an ever-changing environment and redefine ...
Breaking Medicine Technology: