PHOENIX--(BUSINESS WIRE)--Synovics Pharmaceuticals, Inc. (OTCBB:SYVC), a specialty pharmaceutical company, today announced it has finalized a definitive agreement for a previously announced binding letter of intent for exclusive, world-wide rights to develop and commercialize the PharmPro Division of Fluid Air Inc.’s proprietary over-the-counter (OTC) version of omeprazole. The U.S. market for the branded omeprazole OTC is greater than $600 million. There is presently no approved omeprazole OTC product competitive to the brand for the U.S. market. Synovics plans to submit an application to the U.S. Food and Drug Administration (FDA) for approval to manufacture and sell omeprazole OTC in the second half of 2007.
