Hospira, Inc. (JOBS) in Deal with Celltrion, Inc. on Biogenerics
LAKE FOREST, Ill., Oct. 8 /PRNewswire-FirstCall/ -- Hospira, Inc., the world leader in generic injectable pharmaceuticals, today signed a Business Cooperation Agreement with South Korea-based Celltrion, Inc. and Celltrion Healthcare, Inc. ("Celltrion"), which outlines the business terms of a future distribution agreement for the United States, Europe, Australia, New Zealand and Canada for eight biogeneric products that are currently under development by Celltrion, five of which are incremental to Hospira's pipeline. Under the distribution agreement, the parties would collaborate on manufacturing and supply of the products. After regulatory approval, Hospira and Celltrion would co-exclusively market the drugs, with the products independently commercialized under each party's brand name.
"Celltrion brings a history of expertise in the manufacturing of protein-based therapeutics," said Christopher B. Begley, chairman and chief executive officer, Hospira. "This partnership gives Hospira access to Celltrion's large biogenerics portfolio, and is an excellent example of Hospira's commitment to organic and inorganic growth. We're excited to work with Celltrion, and we look forward to expanding Hospira's presence in these significant biogenerics markets."
"Hospira is the world leader in generic injectable pharmaceuticals and has the capabilities and experience to successfully sell biogenerics in these important markets," said Jung-Sin Seo, CEO and chairman, Celltrion Healthcare, Inc. and Celltrion, Inc. "We believe this partnership will benefit both companies by combining Hospira's broad outreach with Celltrion's advanced biologic manufacturing capabilities."
Financial details of the agreement were not disclosed. The Business Cooperation Agreement signed today is expected to lead to a final agreement in the coming months.
About Celltrion
Celltrion, Inc. is a leading biopharmaceutical company in Korea specializing in monoclonal antibody capabilities to develop, manufacture and distribute biologics that contribute to human life. Based on its world-class technology in monoclonal antibody manufacturing, Celltrion has entered into strategic collaborations with a number of global pharmaceutical companies. In addition, Celltrion is preparing an initiative involving the newly emerging world mAb biosimilar market with its advanced development technology and state-of-the-art facility, and is currently developing a large portfolio of biosimilars of blockbuster biologics.
About Hospira
Hospira, Inc. is a global specialty pharmaceutical and medication delivery company dedicated to Advancing Wellness(TM). As the world leader in specialty generic injectable pharmaceuticals, Hospira offers one of the broadest portfolios of generic acute-care and oncology injectables, as well as integrated infusion therapy and medication management solutions. Through its products, Hospira helps improve the safety, cost and productivity of patient care. The company is headquartered in Lake Forest, Ill., and has approximately 14,000 employees. Learn more at www.hospira.com.
Private Securities Litigation Reform Act of 1995 -- A Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding biogenerics and Hospira's goals and strategy. Hospira cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Hospira's operations and may cause actual results to be materially different from expectations include the risks, uncertainties and factors discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Hospira's latest Annual Report on Form 10-K filed with the Securities and Exchange Commission, and subsequently filed Forms 10-Q, which are incorporated by reference. Hospira undertakes no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.