SPRING VALLEY, N.Y., Feb. 23 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. today announced that it has entered into a supply and distribution agreement with GlaxoSmithKline (GSK) in the United States to distribute fluticasone propionate aqueous nasal spray, 50mcg, which is fully substitutable for GSK's Flonase(R). Flonase(R) is a synthetic corticosteroid anti-inflammatory agent. It is indicated for the management of the nasal symptoms of seasonal and perennial allergic and nonallergic rhinitis in adults and pediatric patients 4 years of age and older. Annual U.S. sales of Flonase(R) exceed $900 million. Par began shipping fluticasone propionate aqueous nasal spray today.
Under the terms of the agreement, Par commenced shipment of its fully substitutable generic Flonase(R) once another fully substitutable generic version of the drug became available in the U.S. Par's product will be manufactured by a GSK subsidiary and GSK will receive a share of Par's profits.
Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. In 2005, Par received approval for and introduced Megace(R) ES, its first branded pharmaceutical product, and expects to launch its second in 2006. Par's Generic Products Division is committed to providing high-quality pharmaceuticals that are affordable and accessible to patients. Par manufactures, markets or licenses more than 100 generic drugs. 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.
Par Pharmaceutical Companies, Inc.CONTACT: Stephen J. Mock or Cecelia C. Heer, both of Par PharmaceuticalCompanies, Inc., +1-201-802-4000
Web site: http://www.parpharm.com/
