Forest Laboratories Enters Collaboration on Bystolic® and Savella® in Canada
November 11 2010 - 3:00PM
Business Wire
Forest Laboratories, Inc. (Forest) (NYSE: FRX) today announced
that Forest Laboratories Holdings Limited, its wholly owned
subsidiary, has entered into a definitive collaboration and
distribution agreement for Bystolic® (nebivolol) and Savella®
(milnacipran HCl) in Canada with Janssen Pharmaceutica, NV and
Janssen Pharmaceutical respectively, on behalf of Janssen Inc.,
which will market the products in Canada.
Under the terms of the agreement, Janssen Pharmaceutica NV and
Janssen Pharmaceutical will pay Forest an undisclosed signing fee,
milestones and sales-related royalties in exchange for exclusive
sublicenses to Janssen Inc. for the commercialization of Bystolic®
and Savella® in Canada.
Janssen Inc. is headquartered in Toronto and markets a broad
range of medications used in psychiatry, dementia, attention
deficit hyperactivity disorder, psoriasis, pain management, women’s
health, infectious disease, anemia, oncology, and virology. Janssen
Inc. will assume responsibility for the Canadian regulatory
approval and commercialization of Bystolic® and Savella® in Canada.
Forest will have the opportunity to co-promote at any time after
the first anniversary of regulatory approval for either
product.
Over the next few years, Forest plans to establish a wholly
owned Canadian affiliate that will exercise the co-promotion rights
for Bystolic® and Savella® in Canada, and that will also take
responsibility for the future regulatory filings and
commercialization of its pipeline products in Canada. Current
late-stage products for which Forest holds Canadian rights include
Teflaro™ (ceftaroline), linaclotide, F-2695 and cariprazine.
Howard Solomon, Chairman and Chief Executive Officer of Forest
Laboratories said, "We are pleased to have entered into this
collaboration for the commercialization of Bystolic® and Savella®
in Canada. This collaboration is a significant and valuable first
step towards establishing a Forest presence in Canada. We look
forward to the expansion of Forest Laboratories into Canada.”
Bystolic® (nebivolol) was approved by the U.S. Food and Drug
Administration for the treatment of hypertension (chronic high
blood pressure). Savella® was approved by the U.S. Food and Drug
Administration for the management of fibromyalgia.
About Forest Laboratories
Forest Laboratories’ (NYSE: FRX) longstanding global
partnerships and track record developing and marketing
pharmaceutical products in the United States have yielded its
well-established central nervous system and cardiovascular
franchises and innovations in anti-infective medicine. The
Company’s pipeline, the most robust in its history, includes
product candidates in all stages of development across a wide range
of therapeutic areas. The Company is headquartered in New York, NY.
To learn more, visit www.FRX.com.
Except for the historical information contained herein, this
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties, including
the difficulty of predicting FDA approvals, the acceptance and
demand for new pharmaceutical products, the impact of competitive
products and pricing, the timely development and launch of new
products, and the risk factors listed from time to time in Forest
Laboratories' Annual Report on Form 10-K, Quarterly Report on Form
10-Q, and any subsequent SEC filings.
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