SPRING VALLEY, N.Y., Dec. 6 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. today announced that it has entered into a purchase agreement to acquire a 5 percent partnership interest in Abrika Pharmaceuticals LLLP. Abrika is a privately held specialty generic pharmaceutical company located in Sunrise, Florida. The company was founded in 2002 by Alan Cohen. Mr. Cohen previously founded and served as chairman and chief executive officer of Andrx Corporation.
Par and Abrika have also entered into an agreement to collaborate in the marketing of five generic products to be developed by Abrika. The first of these products is expected to be a transdermal fentanyl patch, or delivery system, for the management of chronic pain. Abrika's fentanyl patch is intended to be a generic equivalent of Duragesic(R) (fentanyl transdermal system). Duragesic(R) is a Schedule II transdermal patch containing fentanyl, an opioid analgesic, and is indicated for the management of chronic pain. The product is marketed by Janssen Pharmaceutica Products, L.P., a division of Johnson & Johnson, and achieved U.S. sales of more than $1.0 billion in 2003.
"In addition to providing Par with significant new product opportunities like the fentanyl patch, this creative partnership provides access to controlled release technologies across various therapeutic categories," said Scott Tarriff, president and chief executive officer. "In July, Par announced new product marketing agreements representing total annual U.S. branded sales of more than $1 billion. Now, we add a fentanyl patch and four other drug candidates from Abrika to our expanding roster of potential new products. Par looks forward to working closely with the accomplished group of industry veterans that comprise Abrika, and to expanding our collaboration over time."
Under the terms of the agreement, Abrika will market, sell and distribute its transdermal fentanyl patch in the U.S. Par will receive a share of the profits from the sales of the product. The companies will also collaborate on four additional generic pharmaceutical products that will be developed by Abrika. Manufacturing and marketing responsibilities will be determined on a product by product basis, with each partner receiving a share of the profits from the sales of each product.
Abrika has filed three Abbreviated New Drug Applications (ANDAs) with the U.S. Food and Drug Administration (FDA) in 2004, including the ANDA for the fentanyl patch. Abrika expects to submit two more ANDAs to the FDA before the end of this year. Of these five ANDAs, three represent generic versions of sustained-release drugs.
Abrika Pharmaceuticals LLLP is a specialty generic pharmaceutical company engaged in the formulation and commercialization of both controlled release and immediate release products utilizing proprietary drug delivery technologies. By applying these technologies to selected generic prescription pharmaceuticals, Abrika seeks to duplicate the release characteristics of these drugs in order to manufacture and market versions that can be substituted for branded products. For more information, visit http://www.abrika.com/ .
Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic pharmaceuticals through its principal subsidiary, Par Pharmaceutical, Inc., and its recently acquired subsidiary, Kali Laboratories, Inc. The company is also developing an additional line of branded pharmaceutical products for specialty markets and expects to introduce the first of these in 2005. Through its FineTech subsidiary, Par also develops and utilizes synthetic chemical processes to design and develop intermediate ingredients used in the production of finished products for the pharmaceutical industry. Par currently manufactures, markets or licenses more than 80 prescription drugs. For press release and other company information, visit http://www.parpharm.com/ .
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 are subject to risks and uncertainties, including 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 us, 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 Securities and Exchange Commission, such as the Company's Form 10-K, Form 10-Q, and Form 8-K reports.
Par Pharmaceutical Companies, Inc.