SciClone Pharmaceuticals, Inc. Announces Product Promotion Agreement Renewal With Key Industry Partner Sanofi (France) in China
Published: Jan 31, 2013
FOSTER CITY, CA--(Marketwire - January 30, 2013) - SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) today announced that it has successfully negotiated renewals of its exclusive product promotion agreement with Sanofi for the China market.
Under the terms of the Sanofi agreement, SciClone, through its wholly owned subsidiary, Novamed Pharmaceuticals (Shanghai) Co., Ltd. ("Novamed"), exclusively promotes four key products: the anti-epileptic Depakine® (sodium valproate); the hypnotic Stilnox® (zolpidem); the ACE inhibitor Tritace® (ramipril) and Xatral® (alfuzosine HCl), an alpha-1 adrenergic blocker used to treat benign prostatic hyperplasia or BPH. Depakine revenues rank second among SciClone's revenue-generating products and during the last three years under the promotional agreement, sales have increased significantly on an annual compounded basis. As the set of current agreements will expire between the end of 2012 and June 30, 2013, Sanofi and Novamed have decided to group the products and renew their agreement till December 31, 2013, which may be further extended should both parties find agreement under the terms of the contract extension.
"We believe that the renewal of this promotion agreement is a meaningful accomplishment for SciClone, and we are pleased with the outcome of the negotiations with Sanofi, our important and valued industry partner," said Friedhelm Blobel, Ph.D., SciClone President and Chief Executive Officer. "We look forward to continuing to deepen the market penetration and expand the commercial success of these high quality, therapeutically differentiated products in China. We are confident that with well structured agreements that are consistent with our financial goals, the product promotion business can make a significant contribution to our ongoing profitability as our company moves forward."
SciClone Pharmaceuticals is a US-based, China-focused specialty pharmaceutical company with a product portfolio of therapies for oncology, infectious diseases and cardiovascular, urological, respiratory, and central nervous system disorders. SciClone's ZADAXIN® (thymalfasin) is approved in over 30 countries and may be used for the treatment of hepatitis B (HBV), hepatitis C (HCV) and certain cancers, and as a vaccine adjuvant, according to the local regulatory approvals. Besides ZADAXIN, SciClone markets about 14 mostly partnered products in China, including Depakine®, the most widely prescribed broad-spectrum anti-convulsant in China; Tritace®, an ACE inhibitor for the treatment of hypertension; Stilnox®, a leading hypnotic for the short-term treatment of insomnia (marketed as Ambien® in the US); and Aggrastat®, a recently-launched interventional cardiology product. SciClone is also pursuing the registration of several other therapeutic products in China. SciClone is headquartered in Foster City, California. For additional information, please visit www.sciclone.com.
This press release contains forward-looking statements regarding expected financial results and expectations. Readers are urged to consider statements that include the words "may," "will," "would," "could," "should," "might," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," "unaudited," "approximately" or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict and actual outcomes may differ materially. These include risks and uncertainties relating to: changes in results that may occur in completing the close of SciClone's consolidated financial statements for fiscal year 2012 and completing the audit of SciClone's consolidated financial statements for fiscal year 2012; the course, cost and outcome of regulatory matters; the Company's ability to execute on its goals in China and on its objectives for revenue in fiscal 2013; the challenges presented by integrating an acquired business into existing operations; the variability in earnings on a GAAP basis that may result from non-cash charges related to the NovaMed acquisition; the dependence on third-party license, promotion or distribution agreements including the need to renew such agreements; operating an international business; the clinical trial process, including the regulatory approval and the process of initiating trials at, and enrolling patients at, clinical sites; the effect of changes in its practices and policies related to the Company's compliance programs and SciClone's ability to attract and retain key personnel. SciClone cannot predict the timing or outcome of the SEC and DOJ investigations, or of the level of its efforts required to cooperate with those investigations, however the Company has incurred substantial expenses in connection with the investigations and related litigation and expects to incur additional expense and the investigations could result in fines and further changes in its internal control or other remediation measures that could adversely affect its business. Please also refer to other risks and uncertainties described in SciClone's filings with the SEC. All forward-looking statements are based on information currently available to SciClone and SciClone assumes no obligation to update any such forward-looking statements.
Depakine, Stilnox, Tritace and Xatral are registered trademarks of Sanofi and/or its affiliates.
Aggrastat is a registered trademark of Medicure International Inc. in the United States, and Iroko Cardio LLC in numerous other countries.
SciClone, SciClone Pharmaceuticals, the SciClone Pharmaceuticals design, the SciClone logo and ZADAXIN are registered trademarks of SciClone Pharmaceuticals, Inc. in the United States and numerous other countries.
Chief Financial Officer