WOODCLIFF LAKE, N.J., Nov. 2 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX - News) today announced that Valeant Pharmaceuticals North America has exercised its right to terminate the agreement for Par to promote Valeant’s antiemetic drug Cesamet (nabilone) capsules, effective November 15, 2006. Under the terms of the agreement, as of November 1, 2006, either party is entitled to terminate the agreement for convenience upon 15 days notice.
“Since entering into the Cesamet agreement last year, strategic priorities have changed for both companies,” said Patrick G. LePore, president and chief executive officer of Par. “We wish Valeant success with the product and look forward to working with them again in the future.”
In May 2006, Valeant received approval for Cesamet from the U.S. Food and Drug Administration and, in September, Par began promoting the product to physicians in the U.S. Par and Valeant entered into the agreement to collaborate in the commercialization of Cesamet in October 2005. Cesamet is a synthetic cannabinoid for the treatment of nausea and vomiting associated with cancer chemotherapy in patients who have failed to respond adequately to conventional anti-emetic treatments.
About Par
Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit http://www.parpharm.com.
Certain statements in this press release 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 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.
Source: Par Pharmaceutical Companies, Inc.
