SPRING VALLEY, N.Y., May 26 /PRNewswire/ -- Par Pharmaceutical, Inc., the principal subsidiary of Pharmaceutical Resources, Inc. , today announced that it has entered into an agreement with Orchid Chemicals & Pharmaceuticals Ltd., based in Chennai, India, to develop and market generic drugs. The companies will initially collaborate on the development of various dosage forms of as many as seven cephalosporin antibiotics. The companies will also seek to identify and develop up to 10 additional non-cephalosporin products.
"We are pleased to have the opportunity to collaborate with Orchid," said Scott Tarriff, president and chief executive officer. "This alliance will provide Par entry into a therapeutic category where we do not currently have a presence. Orchid represents an ideal partner to help us broaden our product line. They are a fully-integrated pharmaceutical company, with capabilities in areas ranging from active pharmaceutical ingredients to final dosage forms."
"This marketing alliance represents a landmark agreement for our company," said Raghavendra Rao, managing director of Orchid. "Par's marketing capabilities and regulatory expertise are a perfect complement to our strengths in product development and manufacturing."
Under the terms of the agreement, Orchid will be responsible for the development and manufacture of all products. Par will provide regulatory affairs support and submit each Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration (FDA) on behalf of Orchid. Par will have exclusive rights to market, sell and distribute the products in the U.S. and will receive a share of the net profits generated by all marketed products.
Orchid Chemicals & Pharmaceuticals Ltd. is a leading pharmaceutical company headquartered in Chennai, India involved in the manufacture of cephalosporin and non-cephalosporin bulk actives, formulations and nutraceuticals. With exports spanning more than 75 countries, Orchid is the largest manufacturer-exporter of cephalosporin bulk actives in India and is ranked among the top five cephalosporin producers in the world. Orchid's world-class manufacturing facilities for bulk actives are located in Alathur and Aurangabad. Orchid's R&D facility located at Sholinganallur in Chennai is considered among the most advanced, state-of-the-art centers for applied research and analytical development. It also houses the company's New Drug Discovery infrastructure and a world-class pre-clinical toxicology and pharmacology center. For press release and other company information, visit http://www.orchidpharma.com/
Pharmaceutical Resources, Inc., a holding company, develops, manufactures and markets generic pharmaceuticals through its wholly owned subsidiary, Par Pharmaceutical. The company is also developing a line of proprietary specialty pharmaceuticals and expects to market the first of these in 2005. Through its FineTech subsidiary, PRX develops and utilizes synthetic chemical processes to design and develop intermediate ingredients used in the production of finished products for the pharmaceutical industry. PRX currently manufactures and distributes more than 170 products representing various dosage strengths of 73 drugs. For press release and other company information, visit http://www.parpharm.com/.
Certain statements in this press release may 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 anticipated closing of the Kali acquisition, 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, Inc.,