Forest Laboratories Inc - Current report filing (8-K)
March 03 2008 - 4:36PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
__________________________________________
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
February 27, 2008
Date of report (date of earliest event reported)
FOREST
LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
|
1-5438
(Commission
File Number)
|
11-1798614
(I.R.S. Employer
Identification Number)
|
|
|
|
909 Third Avenue
New York, New York
(Address of principal executive offices)
|
|
10022-4731
(Zip code)
|
(212) 421-7850
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01
Entry into a Material
Definitive Agreement
On February 27, 2008, Forest Laboratories, Inc., a Delaware
corporation ("Forest"), through its wholly-owned subsidiary, Forest
Laboratories Holdings, Ltd., an Irish corporation, and Mylan Inc.,
a Pennsylvania corporation, formerly known as Mylan Laboratories
Inc. ("Mylan"), entered into an amendment to the Nebivolol
Development and Commercialization Agreement between them (the
"Development Agreement"), dated as of January 6, 2006, as amended
by letter agreements dated January 6, 2006 and January 11, 2006.
The Development Agreement provides for the commercialization,
development and distribution of Bystolic™, Mylan’s
novel beta blocker nebivolol, a selective beta 1- blocker with
vasodilating properties for an indication of hypertension
("Bystolic").
Pursuant to the terms of the amendment, Forest will assume
Mylan’s commercial rights for Bystolic in the United States
and Canada including the elimination of Mylan’s option to
co-promote such product. Forest will be responsible for all future
Bystolic development expenses as well as all sales and marketing
expenses.
Under the terms of the amendment, Forest will make a one-time
cash milestone payment of $370 million to Mylan. Beginning in the
first quarter of 2011, Forest will amortize that payment over the
remaining patent life of the product. Until the first quarter of
2011, Forest will continue to pay Mylan contractual royalties
through calendar year 2010 after which Forest will pay an amount
consistent with the royalty rates Forest generally pays with
respect to its principal products for the supply of active
pharmaceutical ingredient.
The summary of the amendment set forth above is qualified in its
entirety by the amendment, which will be filed as an exhibit to
Forest’s annual report on Form 10-K for the fiscal year
ending March 31, 2008.
A copy of the press release announcing Forest’s entry into
the amendment is attached to this Current Report as Exhibit 99 and
is incorporated herein by reference.
Item 9.01 Financial Statements and
Exhibits.
(c) Exhibit 99 Press release of Forest
Laboratories, Inc. dated February 27, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
Date: March 3, 2008
Forest Laboratories, Inc.
(Registrant)
/s/ Howard
Solomon
Howard Solomon,
Chairman of the Board
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