MILAN, Italy, Dec. 6 /PRNewswire/ -- Eurand today announced that it has signed a definitive agreement with Par Pharmaceutical Companies, Inc. , to market Eurand’s Potassium Chloride 20mEq tablet product. The product, developed using Eurand’s novel Microcaps(R) technology, received marketing approval from the FDA in 3rd quarter 2004.
Under the terms of the agreement, Par will pay Eurand an upfront license fee and share of the profits from market sales of the product. Eurand will grant Par the exclusive right to sell and distribute the product in the U.S. Eurand will be responsible for the manufacturing of the product and will do so at its facility in Vandalia, Ohio. Par will begin shipping the product immediately.
“We are pleased to have licensed this product to Par Pharmaceutical and we look forward to successful commercialization of the product,” said Eurand Chief Executive Officer, Mr. Gearoid Faherty.
Eurand is a privately held specialty pharmaceutical company that develops enhanced pharmaceutical and biopharmaceutical products based on its proprietary drug delivery technologies. The Company specializes in bioavailability enhancement of poorly soluble drugs, modified release, taste masking and drug conjugation. Eurand is currently developing a pipeline of products based on its proprietary drug delivery technologies. The company also works with many of the world’s leading pharmaceutical and biotechnology companies to develop enhanced forms of their existing products and development compounds. In the last four years, Eurand has had two partner products and one Eurand product approved by the FDA and had revenues of over $100 million in 2003. Eurand’s principal operating offices are in Milan, Italy while its U.S. business is directed from Eurand, Inc. in Vandalia, Ohio. The Company has research, development and manufacturing facilities in Italy and the United States and an additional manufacturing facility in France. Eurand has partnered with Warburg Pincus, one of the world’s leading private equity firms.
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 80 prescription drugs. For press release and other company information, visit http://www.parpharm.com/.
Eurand
CONTACT: Gearoid Faherty, CEO of Eurand, (Italy), +39-02-954281,bizdev@eurand.com
