PITTSBURGH, Nov. 4 /PRNewswire-FirstCall/ -- Mylan Laboratories Inc. (NYSE: MYL - News) announced today it has signed an agreement for the sale of the U.S. and Canadian rights for Apokyn® (apomorphine hydrochloride) to Vernalis plc. Under the terms of the agreement, Mylan will receive a cash payment of $23 million and Vernalis will assume obligations including completion of certain phase IV studies. In addition, Mylan has agreed to provide certain transitional services, including supply chain management and customer service assistance.
Apokyn was approved by the U.S. Food and Drug Administration in April of 2004 for the acute, intermittent treatment of hypomobility, “off” episodes associated with advanced Parkinson’s disease. Apokyn had been marketed by Mylan Bertek, the Mylan subsidiary which was closed earlier this year as part of a strategic restructuring.
Robert J. Coury, Mylan’s Vice Chairman and Chief Executive Officer commented: “The sale of Apokyn, a product which requires a specialized sales force, is the latest step in the strategies that we announced earlier this year, including closing Mylan Bertek and our plan to out-license nebivolol. After careful consideration and the evaluation of a number of companies, we’re pleased to have selected Vernalis. This will be a key product in their Parkinson’s disease franchise and we believe Vernalis is committed to the long term success of Apokyn.”
About Mylan Laboratories
Mylan Laboratories Inc. is a leading pharmaceutical company with three principal subsidiaries, Mylan Pharmaceuticals Inc., Mylan Technologies Inc. and UDL Laboratories, Inc., that develop, license, manufacture, market and distribute an extensive line of generic and proprietary products.
Source: Mylan Laboratories Inc.
