Full Doc
 | 2001 |
Ligand Raises $24 Million in Private Placement of Common Stock
Ligand Raises $24 Million in Private Placement of Common Stock (2K)
Doc #278997: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}2
{FILENAME}0002.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
Contact:
Paul V. Maier
Senior Vice President,
Chief Financial Officer
(858) 550-7573
LIGAND RAISES $24 MILLION IN PRIVATE PLACEMENT OF COMMON STOCK
SAN DIEGO, CA - January 8, 2001 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today the completion of a $24 million private placement
of two million shares of its common stock to selected institutional and
accredited investors, including several current Ligand investors.
Elan Corporation plc purchased 0.4 million shares in this offering. After
this financing, Elan owns approximately 12.8% of Ligand common stock
outstanding, or 18.6% on a fully diluted basis.
Ligand intends to use the net proceeds of the private placement for
development and commercialization of existing and proposed products, expenses
relating to clinical trials and registration activities, expansion of a sales
and marketing infrastructure and new product launches, and for working capital
and general corporate purposes.
The shares of common stock sold in the placement have not been registered
under the Securities Act of 1933, as amended, and cannot be offered or sold
absent registration or an applicable exemption from registration. LIGAND
PHARMACEUTICALS INCORPORATED
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer, skin diseases, and men's and women's hormone-related diseases, as well
as osteoporosis, metabolic disorders and cardiovascular and inflammatory
diseases. Ligand's proprietary drug discovery and development programs are based
on its leadership position in gene transcription technology, primarily related
to Intracellular Receptors (IRs) and Signal Transducers and Activators of
Transcription (STATs).
This news release may contain certain forward-looking statements by Ligand
which involve risks and uncertainties and reflect Ligand's judgement as of the
date of this release. Actual events or results may differ from Ligand's
expectations. Additional information concerning these and other risk factors
affecting Ligand's business can be found in prior press releases as well as in
Ligand's public periodic filings with the Securities and Exchange Commission,
available via Ligand's website at HTTP://WWW.LIGAND.COM. Ligand disclaims any
intent or obligation to update these forward-looking statements beyond the date
of this release.
# # #
{/TEXT}
{/DOCUMENT}
278997
|
Elan
As referenced in this Ligand Raises $24 Million in Private Placement of Common Stock:
Elan Corp – 24 million private placement
of two million shares of its common stock to selected institutional and
accredited investors, including several current Ligand investors.
Elan Corp oration plc purchased 0.4 million shares in this offering. After
this financing, Elan owns approximately 12.8% of Ligand common stock
outstanding,
_____________
dt 206864
;
|
Ligand Pharma
As referenced in this Ligand Raises $24 Million in Private Placement of Common Stock:
Ligand Pharmaceuticals – President,
Chief Financial Officer
(858) 550-7573
LIGAND RAISES $24 MILLION IN PRIVATE PLACEMENT OF COMMON STOCK
SAN DIEGO, CA - January 8, 2001 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today the completion of a $24 million private placement
of two million shares of its common stock to selected
_____________
LIGAND
PHARMACEUTICALS – registered
under the Securities Act of 1933, as amended, and cannot be offered or sold
absent registration or an applicable exemption from registration. LIGAND
PHARMACEUTICALS INCORPORATED
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer,
_____________
Ligand Pharmaceuticals – Securities Act of 1933, as amended, and cannot be offered or sold
absent registration or an applicable exemption from registration. LIGAND
PHARMACEUTICALS INCORPORATED
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer, skin diseases, and
_____________
dt 213309
|
| Full Doc
| 2001 |
Ligand Completes $10 Million Takedown of Elan Funding
Ligand Completes $10 Million Takedown of Elan Funding (3K)
Doc #278998: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}2
{FILENAME}0002.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
EXHIBIT 99.1
Contact:
Christiane V. Sheid
Vice President -
Finance and Communications
(858) 550-7809
LIGAND COMPLETES $10 MILLION TAKEDOWN OF ELAN FUNDING
SAN DIEGO, CA - January 03, 2001 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) confirmed today the issuance of $10 million (issue price) of zero
coupon convertible notes under the terms of the securities purchase agreement
entered into in September 1998 with Elan Corporation plc (NYSE: ELN), and
subsequently amended. The notes issued in this transaction are due in November
2008, accrue interest at 8% per annum, compounding semi-annually, are
convertible at $14.16 per share and are callable at accreted value beginning in
November 2001. The funds will be used for general corporate purposes.
"These convertible notes represent the final takedown of the zero coupon
convertible note facility with Elan," said Paul V. Maier, Ligand Senior Vice
President and CFO. "The notes provide an increase in our cash balances to fund
working capital needs while our operating losses continue to decline and our
product revenues accelerate on our march to profitability."
Assuming conversion of all of the notes issued to date, Elan would
beneficially own approximately 18.5% of Ligand's fully diluted shares
outstanding.
Elan Corporation plc
Elan Corporation plc is a leading worldwide specialty pharmaceutical
company, with its principal research and manufacturing facilities located in
Ireland, the United States and Israel. Elan's shares trade on the New York,
London and Dublin stock exchanges.
LIGAND PHARMACEUTICALS INCORPORATED
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer, skin diseases, and men's and women's hormone-related diseases, as well
as osteoporosis, metabolic disorders and cardiovascular and inflammatory
diseases. Ligand's proprietary drug discovery and development programs are based
on its leadership position in gene transcription technology, primarily related
to Intracellular Receptors (IRs) and Signal Transducers and Activators of
Transcription (STATs).
This news release may contain certain forward-looking statements by Ligand
which involve risks and uncertainties and reflect Ligand's judgement as of the
date of this release. Actual events or results may differ from Ligand's
expectations. There can be no assurance that future financial results will meet
current expectations including achievement of profitability, or that any product
in the Ligand pipeline will be successfully developed, approved by regulatory
authorities or accepted by patients and physicians. Additional information
concerning these and other risk factors affecting Ligand's business can be found
in prior press releases as well as in Ligand's public periodic filings with the
Securities and Exchange Commission, available via Ligand's website at
HTTP://WWW.LIGAND.COM. Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release.
# # #
Full prescribing information for Ligand's products may be obtained in the
U.S. from Ligand Professional Services by calling toll free 800-964-5836 or on
Ligand's web site at HTTP://WWW.LIGAND.COM..
# # #
{/TEXT}
{/DOCUMENT}
278998
|
Elan
As referenced in this Ligand Completes $10 Million Takedown of Elan Funding:
Elan Corp – 10 million (issue price) of zero
coupon convertible notes under the terms of the securities purchase agreement
entered into in September 1998 with Elan Corp oration plc (NYSE: ELN), and
subsequently amended. The notes issued in this transaction are due in November
2008, accrue interest at 8% per
_____________
Elan Corp – conversion of all of the notes issued to date, Elan would
beneficially own approximately 18.5% of Ligand's fully diluted shares
outstanding.
Elan Corp oration plc
Elan Corporation plc is a leading worldwide specialty pharmaceutical
company, with its principal research and manufacturing facilities located in
Ireland, the
_____________
Elan Corp – of the notes issued to date, Elan would
beneficially own approximately 18.5% of Ligand's fully diluted shares
outstanding.
Elan Corporation plc
Elan Corp oration plc is a leading worldwide specialty pharmaceutical
company, with its principal research and manufacturing facilities located in
Ireland, the United States and
_____________
dt 206865
;
|
Ligand Pharma
As referenced in this Ligand Completes $10 Million Takedown of Elan Funding:
Ligand Pharmaceuticals – Sheid
Vice President -
Finance and Communications
(858) 550-7809
LIGAND COMPLETES $10 MILLION TAKEDOWN OF ELAN FUNDING
SAN DIEGO, CA - January 03, 2001 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) confirmed today the issuance of $10 million (issue price) of zero
coupon convertible notes under the terms of the securities
_____________
LIGAND PHARMACEUTICALS – manufacturing facilities located in
Ireland, the United States and Israel. Elan's shares trade on the New York,
London and Dublin stock exchanges.
LIGAND PHARMACEUTICALS INCORPORATED
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer,
_____________
Ligand Pharmaceuticals – in
Ireland, the United States and Israel. Elan's shares trade on the New York,
London and Dublin stock exchanges.
LIGAND PHARMACEUTICALS INCORPORATED
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer, skin diseases, and
_____________
dt 213310
|
| Full Doc
| 2002 |
Ligand Announces Exercise of Overallotment Option for Convertible Subordinated Notes
Ligand Announces Exercise of Overallotment Option for Convertible Subordinated Notes (3K)
Doc #278926: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}ex99-1.txt
{DESCRIPTION}EX. 99-1, 12/02/02 PRESS RELEASE
{TEXT}
Exhibit 99.1
Contact: Paul V. Maier
Senior Vice President and
Chief Financial Officer
(858) 550-7573
LIGAND ANNOUNCES EXERCISE OF OVERALLOTMENT OPTION FOR
CONVERTIBLE SUBORDINATED NOTES
SAN DIEGO, CA - DECEMBER 2, 2002 - Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today that the initial purchaser of its 6% convertible
subordinated notes due November 16, 2007 has exercised its overallotment option
to acquire an additional $20.25 million of the notes. The notes are convertible
into shares of Ligand common stock at a price of $6.17 per share, which
represents a 22% premium to the closing bid price of $5.06 on November 20, 2002.
Ligand intends to use the net proceeds of the offering, including the
proceeds from the overallotment option, to fund the restructuring of its AVINZA
relationship with Elan Corporation plc, to repurchase shares of the company's
common stock from Elan, and to acquire government securities that Ligand is
required to pledge as security for the notes for the first two years. Ligand
also plans to use the proceeds, to the extent available, for general corporate
purposes.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy securities. Any offers of the securities will be made only by
means of a private offering memorandum. These securities have not been
registered under the Securities Act of 1933, as amended, or the securities laws
of any other jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended, and applicable state
securities laws.
{PAGE}
ABOUT LIGAND
Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, skin diseases, men's and
women's hormone-related diseases, osteoporosis, metabolic disorders, and
cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery
and development programs are based on its leadership position in gene
transcription technology, primarily related to Intracellular Receptors (IRs) and
Signal Transducers and Activators of Transcription (STATs).
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect the company's judgment as of
the date of this release. These statements include those related to the proposed
restructuring of the AVINZA relationship with Elan and the repurchase of Ligand
stock from Elan. Actual events or results may differ from the company's
expectations. There can be no assurance that the restructuring or stock
repurchase will be completed. Additional information concerning these and other
risk factors affecting Ligand's businesses can be found in prior press releases
as well as in Ligand's public periodic filings with the Securities and Exchange
Commission, available via the company's internet site at www.ligand.com. Ligand
disclaims any intent or obligation to update these forward-looking statements
beyond the date of this release. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
# # #
2
{/TEXT}
{/DOCUMENT}
278926
|
Elan
As referenced in this Ligand Announces Exercise of Overallotment Option for Convertible Subordinated Notes:
Elan Corp – use the net proceeds of the offering, including the
proceeds from the overallotment option, to fund the restructuring of its AVINZA
relationship with Elan Corp oration plc, to repurchase shares of the company's
common stock from Elan, and to acquire government securities that Ligand is
required to
_____________
dt 206848
;
|
Ligand Pharma
As referenced in this Ligand Announces Exercise of Overallotment Option for Convertible Subordinated Notes:
Ligand Pharmaceuticals – and
Chief Financial Officer
(858) 550-7573
LIGAND ANNOUNCES EXERCISE OF OVERALLOTMENT OPTION FOR
CONVERTIBLE SUBORDINATED NOTES
SAN DIEGO, CA - DECEMBER 2, 2002 - Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today that the initial purchaser of its 6% convertible
subordinated notes due November 16, 2007 has exercised its overallotment
_____________
dt 213242
|
| Full Doc
| 2002 |
Ligand Announces Pricing of $135 Million of Convertible Subordinated Notes
Ligand Announces Pricing of $135 Million of Convertible Subordinated Notes (4K)
Doc #278929: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}ex99-1.txt
{DESCRIPTION}EX. 99.1 - 11/21/02 PRESS RELEASE
{TEXT}
Exhibit 99.1
Contact: Paul V. Maier
Senior Vice President and
Chief Financial Officer
(858) 550-7573
LIGAND ANNOUNCES PRICING OF $135 MILLION OF
CONVERTIBLE SUBORDINATED NOTES
SAN DIEGO, CA - NOVEMBER 21, 2002 - Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today the pricing of a private placement of $135
million of its 6% convertible subordinated notes due November 16, 2007. The
offering is expected to close on November 26, 2002.
The notes are convertible into shares of Ligand common stock at a price of
$6.17 per share, which represents a 22% premium to the closing bid price of
$5.06 on November 20, 2002. Ligand also has granted the initial purchaser an
option to acquire, within 30 days, an additional $20.25 million of notes.
Ligand intends to use the net proceeds of this offering to fund the
restructuring of its AVINZA relationship with Elan Corporation plc, to
repurchase shares of the company's common stock from Elan, and to acquire
government securities that Ligand is required to pledge as security for the
notes for the first two years. Ligand also plans to use the proceeds, to the
extent available, for general corporate purposes.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy securities. Any offers of the securities will be made only by
means of a private offering memorandum. These securities have not been
registered under the Securities Act of 1933, as amended, or the securities laws
of any other jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended, and applicable state
securities laws.
ABOUT LIGAND
Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, skin diseases, men's and
women's hormone-related diseases, osteoporosis, metabolic disorders, and
cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery
and development programs are based on its leadership position in gene
transcription technology, primarily related to Intracellular Receptors (IRs) and
Signal Transducers and Activators of Transcription (STATs).
{PAGE}
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect the company's judgment as of
the date of this release. These statements include those related to completion
of the notes offering and the exercise of any over-allotment, the proposed
restructuring of the AVINZA relationship with Elan, and the repurchase of Ligand
stock from Elan. Actual events or results may differ from the company's
expectations. There can be no assurance that Ligand will complete the notes
offering, that the over-allotment will be exercised or completed, nor that the
restructuring or stock repurchase will be completed. Additional information
concerning these and other risk factors affecting Ligand's businesses can be
found in prior press releases as well as in Ligand's public periodic filings
with the Securities and Exchange Commission, available via the company's
internet site at www.ligand.com. Ligand disclaims any intent or obligation to
update these forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
# # #
2
{/TEXT}
{/DOCUMENT}
278929
|
Elan
As referenced in this Ligand Announces Pricing of $135 Million of Convertible Subordinated Notes:
Elan Corp – 25 million of notes.
Ligand intends to use the net proceeds of this offering to fund the
restructuring of its AVINZA relationship with Elan Corp oration plc, to
repurchase shares of the company's common stock from Elan, and to acquire
government securities that Ligand is required to
_____________
dt 206849
;
|
Ligand Pharma
As referenced in this Ligand Announces Pricing of $135 Million of Convertible Subordinated Notes:
Ligand Pharmaceuticals – and
Chief Financial Officer
(858) 550-7573
LIGAND ANNOUNCES PRICING OF $135 MILLION OF
CONVERTIBLE SUBORDINATED NOTES
SAN DIEGO, CA - NOVEMBER 21, 2002 - Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today the pricing of a private placement of $135
million of its 6% convertible subordinated notes due November
_____________
dt 213245
|
| Full Doc
| 2002 |
Ligand Restructures Avinza License and Supply Agreement
Ligand Restructures Avinza License and Supply Agreement (7K)
Doc #278933: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}4
{FILENAME}ex99-2.txt
{DESCRIPTION}EX 99.2 - PRESS RELEASE
{TEXT}
Exhibit 99.2
Contact: Paul V. Maier
Senior Vice President and
Chief Financial Officer
858-550-7573
LIGAND RESTRUCTURES AVINZA LICENSE AND SUPPLY AGREEMENT
-- Elan to Forego Co-Promotion Option,
Manufacture AVINZA for Lower Royalty and
Supply Price in Exchange for $100 Million
Up-Front Payment --
-- LIGAND TO PURCHASE AND RETIRE 2.2 MILLION LIGAND SHARES HELD BY ELAN;
ELAN AGREES TO 6-MONTH LOCK-UP ON 11.8 MILLION REMAINING SHARES --
SAN DIEGO, CA - NOVEMBER 12, 2002 - Ligand Pharmaceuticals (Nasdaq: LGND)
announced today it has amended the terms of its AVINZA (morphine sulfate
extended-release capsules) license and supply agreement with Elan Corporation,
plc (NYSE: ELN), thereby improving its gross margin on AVINZA and facilitating a
potential co-promotion agreement with a future partner.
Under the terms of the amendment, Ligand will pay Elan $100 million in
return for a reduction in Elan's royalty rate on sales of AVINZA by Ligand,
rights to sublicense and obtain a co-promotion partner in its territories, and
rights to qualify and purchase AVINZA from a second manufacturing source. Elan's
new royalty and supply price of AVINZA will be approximately 10% of the
product's net sales, compared to approximately 30-35% in the prior agreement. In
addition, Elan will forego its option to co-promote AVINZA in the United States
and Canada. Closing of the transaction is subject to Ligand completing a
financing, which is described in a separate news release issued today.
Separately, Ligand also announced it will purchase, then retire,
approximately 2.2 million Ligand shares owned by an affiliate of Elan for $9 a
share. Closing of the purchase may occur up to 90 days from the date of the
agreement. In addition, Elan has agreed to a 6-month lock-up period on 11.8
million of its remaining 12.2 million Ligand shares. Ligand has agreed to
changes to Elan's registration rights to facilitate an orderly distribution of
its shares after the lock-up period.
"The restructuring of the AVINZA license and supply agreement and the
Ligand stock repurchase and lock-up represent major progress toward realizing
the full value of AVINZA and increasing Ligand
shareholder value," said David E. Robinson, chairman, president and chief
executive officer of Ligand. "The revised agreement provides Ligand with greatly
enhanced rights and operating margins, resulting in greater control and
flexibility to drive the value of one of our most important near-term revenue
opportunities, whether alone or with a co-promotion partner. We are pleased that
the rebalancing of AVINZA economics will continue to provide Elan, through its
supply and royalty interest, with participation in the success of AVINZA."
"Ligand expects that the proposed restructuring transactions will be
accretive to EPS on an if-converted basis in 2003, with an AVINZA break-even
sales level of approximately $70 million going forward," said Paul V. Maier,
Ligand's senior vice president and chief financial officer.
Under the companies' proposed revised agreement, Elan will continue to
manufacture AVINZA for Ligand at Elan's Gainesville, GA plant. Ligand is free to
qualify a second, non-Elan manufacturing facility for AVINZA requirements.
Under their revised agreement, ownership of the AVINZA NDA will be
transferred from Elan to Ligand, with all corresponding post-approval FDA
obligations.
ABOUT AVINZA
In March, the U.S. Food and Drug Administration granted marketing approval
for AVINZA for the once-daily treatment of moderate-to-severe pain in patients
who require continuous, around-the-clock opioid therapy for an extended period
of time. AVINZA was developed by Elan, which licensed the U.S. and Canadian
rights to Ligand in 1998.
WEB CAST CONFERENCE CALL
Ligand will host a live web cast, open to all interested parties, of a
conference call during which Ligand management will discuss this news release.
The web cast will be available at HTTP://WWW.LIGAND.COM (investor relations
page) and HTTP://WWW.STREETEVENTS.COM (password protected) on November 13 at
8:30 a.m. Eastern Time (5:30 a.m. Pacific).
ABOUT LIGAND
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer, skin diseases, men's and women's hormone-related diseases, osteoporosis,
metabolic disorders, and cardiovascular and inflammatory diseases. Ligand's
proprietary drug discovery and development programs are based on its leadership
position in gene transcription technology, primarily related to Intracellular
Receptors (IRs) and Signal Transducers and Activators of Transcription (STATs).
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect the company's judgment as of
the date of this release. These statements include those related to completion
of the proposed restructuring of the Elan relationship being subject to
completion of a financing, co-promotion, product potential, manufacturing
facilities, demand for AVINZA, its financial performance and effect on earnings,
and the potential restructuring of the license and supply agreement. Actual
events or results may differ from the company's expectations. There can be no
assurance that Ligand will complete a co-promotion agreement with any company,
that co-promotion will be successful, that the transaction will be accretive to
earnings, that AVINZA will reach its potential or expectations, that Elan's
manufacturing facilities or those of a second source will be able to supply
AVINZA adequately and reliably in the future, or that the potential
restructuring of the license and supply agreement will be completed. Additional
information concerning these and other risk factors affecting Ligand's
businesses can be found in prior press releases as well as in Ligand's public
periodic filings with the Securities and Exchange Commission, available via the
company's internet site at www.Ligand.com. Ligand disclaims any intent or
obligation to update these forward-looking statements beyond the date of this
release. This caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
# # #
{/TEXT}
{/DOCUMENT}
278933
|
Elan
As referenced in this Ligand Restructures Avinza License and Supply Agreement:
Elan Corp – Pharmaceuticals (Nasdaq: LGND)
announced today it has amended the terms of its AVINZA (morphine sulfate
extended-release capsules) license and supply agreement with Elan Corp oration,
plc (NYSE: ELN), thereby improving its gross margin on AVINZA and facilitating a
potential co-promotion agreement with a future partner.
Under
_____________
dt 206850
;
|
Ligand Pharma
As referenced in this Ligand Restructures Avinza License and Supply Agreement:
Ligand Pharmaceuticals – SHARES HELD BY ELAN;
ELAN AGREES TO 6-MONTH LOCK-UP ON 11.8 MILLION REMAINING SHARES --
SAN DIEGO, CA - NOVEMBER 12, 2002 - Ligand Pharmaceuticals (Nasdaq: LGND)
announced today it has amended the terms of its AVINZA (morphine sulfate
extended-release capsules) license and supply agreement with
_____________
Ligand Pharmaceuticals – HTTP://WWW.STREETEVENTS.COM (password protected) on November 13 at
8:30 a.m. Eastern Time (5:30 a.m. Pacific).
ABOUT LIGAND
Ligand Pharmaceuticals Incorporated discovers, develops and markets new
drugs that address critical unmet medical needs of patients in the areas of
cancer, skin diseases, men'
_____________
dt 213249
|
| Full Doc
| 2002 |
FDA Approves Avinza(TM)Once-Daily for Chronic, Moderate-To-Severe Pain
FDA Approves Avinza(TM)Once-Daily for Chronic, Moderate-To-Severe Pain (9K)
Doc #278963: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}ex99-1.txt
{DESCRIPTION}EXHIBIT 99.1 032102 PRESS RELEASE
{TEXT}
Exhibit 99.1
Contact:
Michael Watts
Director, Investor Relations and
Corporate Communications
(858) 550-7850
FDA Approves AVINZA(TM)Once-Daily for Chronic, Moderate-to-Severe Pain
-- Ligand Planning Second Quarter Launch into $2.3 Billion Market --
San Diego, Calif., March 21, 2002 - The U.S. Food and Drug Administration
has granted marketing approval for AVINZA (morphine sulfate extended release
capsules) for the once-daily treatment of moderate-to-severe pain in patients
who require continuous, around-the-clock opioid therapy for an extended period
of time, Ligand announced today.
AVINZA (formerly Morphelan(TM)) was developed by Elan (NYSE: ELN), which
licensed the U.S. and Canadian marketing rights to Ligand (Nasdaq: LGND) in
1998. AVINZA's approval triggers a $5 million milestone payment from Ligand to
Elan, which Ligand will pay in the form of approximately 302,554 shares of
common stock.
"We are pleased with the approval of our new drug application for AVINZA,"
said Donal Geaney, Chairman and CEO of Elan Corporation, plc. "We are looking
forward to working with our partner, Ligand, to help patients suffering from
chronic pain."
"The approval of AVINZA is a major milestone in Ligand's commercial
acceleration toward becoming a profitable, high-growth specialty pharmaceutical
company," said David E. Robinson, Chairman, President and CEO of Ligand. "We're
eager and prepared to launch the product early in the second quarter into the
rapidly expanding sustained-release opioid market, which grew to an estimated
$2.3 billion in the U.S. in 2001, clearly the largest initial market Ligand has
entered to date. We believe that with the combined efforts of Ligand and Elan,
AVINZA may become, over time, an important new therapeutic of choice for
patients requiring chronic daily opioid analgesia."
The U.S. sustained-release opioid market, which has grown by an average of
46% annually since 1996, includes sales of OxyContin(R), Duragesic(R), MS
Contin(R), Oramorph(R) SR and Kadian(R). Despite this recent growth, studies
indicate that as many as 30-85% of select chronic pain patients still are
undertreated.
{PAGE}
Ligand's sales force strategy for AVINZA includes coverage of
hematologists, oncologists and HIV specialists through the company's existing
oncology and dermatology sales forces, as well as the creation of a new, third
sales force to target selected general pain centers. Ligand's goal through the
co-promotion option with Elan is to optimize AVINZA's potential by adding
sufficient sales force coverage of a broad universe of pain specialists and
other key physician groups treating chronic, moderate-to-severe pain
(anesthesiologists, neurologists, rheumatologists, etc.). Elan has a
co-promotion option that permits it to participate in promoting AVINZA to these
pain specialists.
Clinical Trial Results
AVINZA has been studied in more than 140 healthy volunteers and 560
patients with chronic, moderate-to-severe pain from diseases of malignant and
non-malignant origin. The patients included people who were receiving or had
received chronic opioid therapy, as well as people who had a sub-optimal
analgesic response to acetaminophen and/or NSAIDs.
In controlled clinical studies, patients were followed from seven days to
up to four weeks. In open-label studies, patients were followed for up to six to
12 months. In the study of 295 patients with osteoarthritis pain, once-daily
treatment with AVINZA 30 mg. in the morning or evening was more effective than
placebo at reducing pain.
As described in its approved labeling, AVINZA consists of two components:
an immediate-release component that rapidly achieves plateau morphine
concentrations in plasma, and an extended-release component that maintains
plasma concentrations throughout the 24-hour dosing interval. AVINZA once-daily
creates and maintains the plateau-like plasma concentration profile after
steady-state plasma morphine concentrations have been achieved.
In pharmacokinetic studies, the amount of morphine absorbed from AVINZA was
similar to that absorbed from other oral morphine formulations. In addition, the
pharmacokinetics of AVINZA were shown to be dose-proportional over a single oral
dose range of 30-120 mg. in healthy volunteers, and over a multiple oral dose
range of at least 30-180 mg. in patients with chronic, moderate-to-severe pain.
AVINZA will be available with a doctor's prescription in 30, 60, 90 and 120
mg. capsules. According to its approved labeling and under a doctor's
supervision, AVINZA can be taken with or without food. Patients who have
difficulty swallowing an AVINZA capsule can open it, sprinkle its contents on
applesauce, and swallow
{PAGE}
without chewing. Pharmacokinetic studies showed that the rate and extent of
morphine absorption from this dosing method were bioequivalent to swallowing the
same dose from an intact capsule. AVINZA capsules must not be chewed, crushed or
dissolved due to the risk of rapid release and absorption of a potentially fatal
dose of morphine.
AVINZA's side effects were dose-dependent and similar to those typically
seen with opioid therapy. In clinical studies, the most common side effects
reported by patients at least once were constipation, nausea, somnolence,
vomiting and headache.
Morphine is a Schedule II controlled substance that can be abused in a
manner similar to other legal or illicit opioids. However, AVINZA's approved
labeling notes that concerns about abuse, addiction and diversion should not
prevent proper pain management. Toward this end, Ligand and Elan have developed
a risk-management program for AVINZA and will continue to work closely with the
FDA on that program and our post-approval study commitments.
About Ligand
Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, skin diseases, men's and
women's hormone-related diseases, osteoporosis, metabolic disorders, and
cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery
and development programs are based on its leadership position in gene
transcription technology, primarily related to Intracellular Receptors (IRs) and
Signal Transducers and Activators of Transcription (STATs).
(i) Web Cast Conference Call
Ligand will host a live web cast, open to all interested parties, of a
conference call during which Ligand management will discuss the approval of
AVINZA. The web cast will be available at www.streetevents.com and
www.ligand.com (investor relations page) at 8:30 a.m. Eastern Time (5:30 a.m.
Pacific Time) Thursday, March 21.
B. Caution Regarding Forward-Looking Statements
This news release may contain certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect the company's judgment as of
the date of this release. These statements include those related to product
launch, co-promotion, product potential, benefits of AVINZA for patients, market
size and growth, and sales strategy. Actual events or results may differ from
278963
|
Elan
As referenced in this FDA Approves Avinza(TM)Once-Daily for Chronic, Moderate-To-Severe Pain:
Elan Corp – of
common stock.
"We are pleased with the approval of our new drug application for AVINZA,"
said Donal Geaney, Chairman and CEO of Elan Corp oration, plc. "We are looking
forward to working with our partner, Ligand, to help patients suffering from
chronic pain."
"The approval of AVINZA
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| Full Doc
| 2002 |
Ligand, Elan Agree on Early Conversion of $20 Million Note, Early Exercise of Ligand Warrants
Ligand, Elan Agree on Early Conversion of $20 Million Note, Early Exercise of Ligand Warrants (3K)
Doc #278964: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}4
{FILENAME}ex99-2.txt
{DESCRIPTION}EXHIBIT 99.2 040102 PRESS RELEASE
{TEXT}
Exhibit 99.2
Contact: Paul V. Maier
Senior Vice President and CFO
(858) 550-7573
pmaier@ligand.com
LIGAND, ELAN AGREE ON EARLY CONVERSION OF $20 MILLION NOTE,
EARLY EXERCISE OF LIGAND WARRANTS
-- Conversion Completes Elimination of Elan Debt from Ligand's Balance Sheet --
SAN DIEGO, CA - April 1, 2002 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today that Elan Corporation, plc (NYSE: ELN) has agreed
to convert a zero-coupon convertible note issued in 1999 at a price of $20
million ($24.7 million including accrued interest) into 1.8 million shares of
Ligand common stock.
Ligand will recognize a one-time charge, arising from the agreement, of
$2.0 million in the first quarter of 2002, and will eliminate, beginning in the
second quarter, $2.0 million of annual accretion from the note to non-operating
expenses going forward. The conversion eliminates all Elan-related debt from
Ligand's balance sheet.
"We are pleased with Elan's early conversion decision, which is another
important milestone in our 2002 goal to eliminate debt and strengthen our
balance sheet," said Paul V. Maier, Ligand Senior Vice President and Chief
Financial Officer. "This final conversion of outstanding Elan debt will
strengthen our balance sheet, increase shareholders' equity and lower our future
interest expense. In addition to contributing to Ligand's financial strength,
the reduction in future interest expense will enhance our ability to translate
future operating profits to earnings per share."
Elan also has elected to exercise its 91,406 Ligand warrants at $10/share,
resulting in proceeds to Ligand of $914,060. Ligand issued the warrants to Elan
in 1999.
After the debt conversion and warrant exercise, Elan's ownership in Ligand
will be approximately 21.6% on a primary basis and 19.7% on a fully diluted
basis.
{PAGE}
Ligand Pharmaceuticals Incorporated
Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, skin diseases, men's and
women's hormone-related diseases, osteoporosis, metabolic disorders, and
cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery
and development programs are based on its leadership position in gene
transcription technology.
C. Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by Ligand.
These include statements related to financial and balance sheet strength, future
expenses, profits, earnings and capital structure. Actual results could differ
materially from those described as a result of factors including but not limited
to the following: there can be no assurance that Ligand will achieve its
financial goals, nor that the transactions described will significantly change
the company's financial performance or the price of its stock. Additional
information concerning these and other factors affecting Ligand's business can
be found in press releases as well as in Ligand's public periodic filings with
the Securities and Exchange Commission. Public information on Ligand is
available on our web site at http://www.ligand.com. Ligand disclaims any intent
or obligation to update these forward-looking statements beyond the date of this
release. This caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
# # #
{/TEXT}
{/DOCUMENT}
278964
|
Elan
As referenced in this Ligand, Elan Agree on Early Conversion of $20 Million Note, Early Exercise of Ligand Warrants:
Elan Corp – Elimination of Elan Debt from Ligand's Balance Sheet --
SAN DIEGO, CA - April 1, 2002 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today that Elan Corp oration, plc (NYSE: ELN) has agreed
to convert a zero-coupon convertible note issued in 1999 at a price of $20
million ($24.
_____________
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;
|
Ligand Pharma
As referenced in this Ligand, Elan Agree on Early Conversion of $20 Million Note, Early Exercise of Ligand Warrants:
Ligand Pharmaceuticals – NOTE,
EARLY EXERCISE OF LIGAND WARRANTS
-- Conversion Completes Elimination of Elan Debt from Ligand's Balance Sheet --
SAN DIEGO, CA - April 1, 2002 -- Ligand Pharmaceuticals Incorporated
(Nasdaq: LGND) announced today that Elan Corporation, plc (NYSE: ELN) has agreed
to convert a zero-coupon convertible note issued in 1999
_____________
Ligand Pharmaceuticals – Elan's ownership in Ligand
will be approximately 21.6% on a primary basis and 19.7% on a fully diluted
basis.
{PAGE}
Ligand Pharmaceuticals Incorporated
Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, skin diseases,
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| Full Doc
| 2002 |
Isis Pharmaceuticals and Elan Corporation Conclude Collaboration in Hepasense Joint Venture and Restructure Orasense Collaboration
Isis Pharmaceuticals and Elan Corporation Conclude Collaboration in Hepasense Joint Venture and Restructure Orasense Collaboration (6K)
Doc #282191: This document is immediately available for purchase, but does not have a preview available for viewing.
ISIS Pharmaceuticals Inc
EX-99.1 7 a2094332zex-99_1.htm EXHIBIT 99.1
Exhibit 99.1
ISIS PHARMACEUTICALS AND ELAN CORPORATION CONCLUDE COLLABORATION IN
HEPASENSE JOINT VENTURE AND RESTRUCTURE ORASENSE COLLABORATION
Isis Regains Rights to ISIS 14803 for HCV
CARLSBAD, CA, November 6, 2002Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it has regained rights to ISIS 14803, in connection with the termination of its collaboration with Elan Corporation, plc. (NYSE: ELN) related to the HepaSense Ltd. joint venture. Additionally, Isis and Elan have agreed to amend the terms and extend their collaboration in the Orasense Ltd., joint venture through the end of 2002.
"We are pleased to have negotiated favorable outcomes to both of the joint ventures with Elan. Our partnerships with Elan have been highly productive, as we have leveraged the technology contributions and resources from both companies," said B. Lynne Parshall, Isis' Executive Vice President and CFO. "We are enthusiastic about the potential of ISIS 14803 for patients with hepatitis C virus, and very happy to regain complete ownership of this drug. We will continue to aggressively pursue the clinical development of ISIS 14803. Our agreement to continue the Orasense joint venture is a validation of our exciting work to develop oral formulations of antisense drugs, with ISIS 104838 leading the way."
HepaSense
HepaSense is focused on the clinical development of the antisense drug ISIS 14803 for patients with Hepatitis C. The conclusion of Elan's participation in the collaboration results from Elan's continuing restructuring efforts. As part of the termination, all rights to ISIS 14803 have been returned to Isis, with a potential royalty due to HepaSense.
ISIS 14803 is an antisense inhibitor of the hepatitis C virus (HVC). Earlier this week, data presented from two Phase II studies demonstrated that ISIS 14803 is active in drug resistant, genotype 1 HCV patients, the most difficult-to-treat patient population. In the first trial, in which patients were dosed for one month, ISIS 14803 resulted in significant viral titer reductions. In a second ongoing trial, in which patients were dosed for three months, even more profound viral titer reductions were observed in six of 17 patients. The safety and efficacy of ISIS 14803 are being further evaluated in this ongoing 40 patient Phase II trial. Data from each of these trials were presented in November at the 53rd annual meeting of the American Association for the Study of Liver Diseases (AASLD) Monday.
Orasense
Orasense is a joint venture to develop an oral delivery platform for antisense drugs, and to develop an oral formulation of ISIS 104838, an antisense inhibitor of TNF-alpha, for the treatment of rheumatoid arthritis. The collaboration will continue through the remainder of this year, with Isis and Elan contributing funding according to ownership, 80.1 percent and 19.9 percent, respectively. In 2003, Elan will have the option to extend or conclude its participation in the Orasense collaboration.
In Orasense, multiple oral solid formulations of a second-generation antisense drug are being evaluated in Phase I clinical trials. Data from these trials will be presented at the 2002 annual meeting of the American Association of Pharmaceutical Scientists (AAPS) in November.
"Through our Orasense collaboration we have shown it is feasible to achieve oral systemic delivery of antisense oligonucleotides," stated Seamus Mulligan, Elan's Executive Vice President for Corporate Business Development. "This represents a major breakthrough in oral delivery of macromolecules. In addition, the agreements with Isis are important steps in Elan's restructuring efforts."
1
Isis will conduct a live webcast conference call to discuss this release and the Company's third quarter financial results today, Wednesday, November 6 at 8:30 a.m. Eastern time. To participate over the Internet go to www.isispharm.com or to http://www.firstcallevents.com/service/ajwz369610280gf12.html. A replay of the webcast will be available at this address for up to 30 days.
Isis Pharmaceuticals, Inc. is exploiting its expertise in RNA to discover and develop novel human therapeutic drugs. The company has commercialized its first product, Vitravene (fomivirsen), to treat CMV-induced retinitis in AIDS patients. In addition, Isis has 13 antisense products in its development pipeline with two in late-stage development and six in Phase II human clinical trials. Affinitac, an inhibitor of PKC-alpha, is in Phase III trials for non-small cell lung cancer, and alicaforsen (ISIS 2302), an ICAM-1 inhibitor, is in Phase III trials for Crohn's disease. Isis has a broad patent estate as the owner or exclusive licensee of more than 1,000 issued patents worldwide. Isis' GeneTrove division uses antisense to assist pharmaceutical industry partners in validating and prioritizing potential gene targets through customized services. Ibis Therapeutics is a division focused on the discovery of small molecule drugs that bind to RNA. Additional information about Isis is available at www.isispharm.com.
This press release contains forward-looking statements concerning the potential of ISIS 14803 and ISIS 104838 and the Orasense oral delivery technology. Any statement describing a goal, expectation, intention or belief of the Company is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and financing such activities. Actual results could differ materially from those projected in this release. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Isis' research and development programs are described in additional detail in the company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the periods ended December 31, 2001 and June 30, 2002, respectively, which are on file with the U.S. Securities and Exchange Commission. Copies of these and other filings are available from the company.
HepaSense is a trademark of HepaSense, Ltd.
Orasense is a trademark of OraSense, Ltd.
Vitravene is a registered trademark of Novartis AG.
GeneTrove and Ibis Therapeutics are trademarks of Isis Pharmaceuticals, Inc.
Affinitac, a trademark of Eli Lilly and Company, is an investigational cancer compound being developed through an alliance between Lilly and Isis Pharmaceuticals, Inc. and marketed globally by Lilly.
2
282191
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Elan
As referenced in this Isis Pharmaceuticals and Elan Corporation Conclude Collaboration in Hepasense Joint Venture and Restructure Orasense Collaboration:
ELAN CORP –
EX-99.1 7 a2094332zex-99_1.htm EXHIBIT 99.1
Exhibit 99.1
ISIS PHARMACEUTICALS AND ELAN CORP ORATION CONCLUDE COLLABORATION IN
HEPASENSE JOINT VENTURE AND RESTRUCTURE ORASENSE COLLABORATION
Isis Regains Rights to ISIS 14803 for HCV
CARLSBAD, CA, November 6,
_____________
Elan Corp – Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it has regained rights to ISIS 14803, in connection with the termination of its collaboration with Elan Corp oration, plc. (NYSE: ELN) related to the HepaSense Ltd. joint venture. Additionally, Isis and Elan have agreed to amend the terms and extend
_____________
dt 206887
;
Eli Lilly
As referenced in this Isis Pharmaceuticals and Elan Corporation Conclude Collaboration in Hepasense Joint Venture and Restructure Orasense Collaboration:
Eli Lilly – Ltd.
Vitravene is a registered trademark of Novartis AG.
GeneTrove and Ibis Therapeutics are trademarks of Isis Pharmaceuticals, Inc.
Affinitac, a trademark of Eli Lilly and Company, is an investigational cancer compound being developed through an alliance between Lilly and Isis Pharmaceuticals, Inc. and marketed globally by Lilly.
_____________
dt 225842
;
|
ISIS Pharma
As referenced in this Isis Pharmaceuticals and Elan Corporation Conclude Collaboration in Hepasense Joint Venture and Restructure Orasense Collaboration:
ISIS PHARMACEUTICALS –
EX-99.1 7 a2094332zex-99_1.htm EXHIBIT 99.1
Exhibit 99.1
ISIS PHARMACEUTICALS AND ELAN CORPORATION CONCLUDE COLLABORATION IN
HEPASENSE JOINT VENTURE AND RESTRUCTURE ORASENSE COLLABORATION
Isis Regains Rights to ISIS 14803 for HCV
CARLSBAD, CA,
_____________
Isis Pharmaceuticals, – http://www.firstcallevents.com/service/ajwz369610280gf12.html. A replay of the webcast will be available at this address for up to 30 days.
Isis Pharmaceuticals, Inc. is exploiting its expertise in RNA to discover and develop novel human therapeutic drugs. The company has commercialized its first product,
_____________
Isis Pharmaceuticals, – Ltd.
Orasense is a trademark of OraSense, Ltd.
Vitravene is a registered trademark of Novartis AG.
GeneTrove and Ibis Therapeutics are trademarks of Isis Pharmaceuticals, Inc.
Affinitac, a trademark of Eli Lilly and Company, is an investigational cancer compound being developed through an alliance between Lilly and
_____________
Isis Pharmaceuticals, – Pharmaceuticals, Inc.
Affinitac, a trademark of Eli Lilly and Company, is an investigational cancer compound being developed through an alliance between Lilly and Isis Pharmaceuticals, Inc. and marketed globally by Lilly.
2
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| 2002 |
Cephalon Reacquires Rights to ACTIQ in Key European Markets
Deal Further Strengthens International Marketing Presence
Cephalon Reacquires Rights to ACTIQ in Key European Markets
Deal Further Strengthens International Marketing Presence (6K)
Doc #297246: This document is immediately available for purchase, but does not have a preview available for viewing.
Cephalon Inc
EX-99.1 3 a2090641zex-99_1.htm EXHIBIT 99.1
QuickLinks -- Click here to rapidly navigate through this document
EXHIBIT 99.1
News
Contact:
Robert W. Grupp (Media)
610-738-6402
rgrupp@cephalon.com
Robert S. (Chip) Merritt (Investors)
610-738-6376
cmerritt@cephalon.com
For Immediate Release
Cephalon Reacquires Rights to ACTIQ? in Key European Markets
Deal Further Strengthens International Marketing Presence
WEST CHESTER, PA?October 3, 2002?Cephalon, . . .
297246
|
Elan
As referenced in this Cephalon Reacquires Rights to ACTIQ in Key European Markets
Deal Further Strengthens International Marketing Presence:
Elan Corp – pain product ACTIQ (oral transmucosal fentanyl citrate) [C-II] in 12 countries, principally in Europe, from Elan Pharma International Limited, a subsidiary of Elan Corp oration, plc (NYSE: ELN).
Under the agreement, Cephalon reacquired rights to ACTIQ in Austria, Belgium, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Switzerland, United
_____________
dt 253830
;
Anesta
As referenced in this Cephalon Reacquires Rights to ACTIQ in Key European Markets
Deal Further Strengthens International Marketing Presence:
Anesta Corp – by Elan in the United Kingdom since January 2001 and in Germany and Ireland since early 2002. Elan acquired ACTIQ marketing rights from Anesta Corp . in December 1999. Cephalon acquired Anesta in October 2000.
"By reacquiring ACTIQ rights, we achieve another milestone in our strategy of consolidating
_____________
dt 268017
;
|
Cephalon
As referenced in this Cephalon Reacquires Rights to ACTIQ in Key European Markets
Deal Further Strengthens International Marketing Presence:
Cephalon, Inc. – For Immediate Release
Cephalon Reacquires Rights to ACTIQ in Key European Markets
Deal Further Strengthens International Marketing Presence
WEST CHESTER, PAOctober 3, 2002Cephalon, Inc. (Nasdaq: CEPH), an international biopharmaceutical company, announced today that it has reacquired all rights to its cancer pain product ACTIQ (oral transmucosal
_____________
Cephalon, Inc – by patients on the inside of their cheeks. Side effects are typical of all opioid products and include somnolence, nausea, vomiting, and dizziness.
Cephalon, Inc .
Founded in 1987, Cephalon, Inc. is an international biopharmaceutical company dedicated to the discovery, development and marketing of innovative products to treat
_____________
Cephalon, Inc – of their cheeks. Side effects are typical of all opioid products and include somnolence, nausea, vomiting, and dizziness.
Cephalon, Inc.
Founded in 1987, Cephalon, Inc . is an international biopharmaceutical company dedicated to the discovery, development and marketing of innovative products to treat sleep and neurological disorders, cancer
_____________
dt 256030
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Full Doc
| 2002 |
Enzon Completes Acquisition of Abelcet(R) North American Business from Elan
Enzon Completes Acquisition of Abelcet(R) North American Business from Elan (7K)
Doc #299830: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}d52798_ex99-1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
Exhibit 99.1
[LETTERHEAD OF ENZON] For Immediate Release
================================================================================
PRESS RELEASE Contact: Susan M. Mesco
Director Investor Relations
908-541-8678
Noonan Russo Presence
Ernie Knewitz, Media Relations
212-845-4253
ENZON COMPLETES ACQUISITION OF ABELCET(R) NORTH AMERICAN
BUSINESS FROM ELAN
BRIDGEWATER, NJ - November 22, 2002 -- Enzon, Inc. (NASDAQ:ENZN)
today announced the completion of the Company's acquisition of the North
American rights to Abelcet(R) (Amphotericin B Lipid Complex Injection) from Elan
Corporation, plc (NYSE: ELN). ABELCET is an antifungal used in the hospital to
treat patients with invasive fungal infections related to cancer, organ
transplantation and other conditions. Enzon has paid to Elan a cash payment of
$360 million, representing the final purchase price.
The purchase includes the operating assets associated with the
development, manufacture, sales and marketing of ABELCET in North America,
including a 56,000 square foot manufacturing facility in Indianapolis, Indiana.
Additionally, Enzon has hired certain Elan sales and plant personnel as part of
the acquisition.
"This transaction does much more than simply add to Enzon's top and bottom
lines, it brings a fully operational and profitable business to Enzon," said
Arthur J. Higgins, Enzon's chairman and chief executive officer. "We have firmly
anchored our strategy with the acquisition of ABELCET, an established product
that plays a well-defined and valuable role in the growing antifungal market.
Furthermore, this transaction sets the stage for continued growth bringing Enzon
the necessary infrastructure and added flexibility to continue to access
late-stage and marketed products."
The two companies have also agreed that for a maximum period of one year
and at the option of Enzon, Elan will continue to market ABELCET in Canada and
Elan will pay Enzon a royalty. The two companies have also entered into
long-term Manufacturing and Supply Agreements, whereby Enzon will continue to
manufacture products for Elan, including
-more-
{PAGE}
Enzon completed acquisition of Abelcet
Page 2
ABELCET, as Elan will retain the rights to market ABELCET in any markets outside
the United States, Canada, and Japan. As part of the sale, Elan has committed to
transfer its Japanese rights to Abelcet, to the extent they exist and are
transferable to Enzon.
ABELCET is a lipid complex formulation of amphotericin B providing
patients with significantly lower kidney toxicity than conventional amphotericin
B. The increase in severe fungal infections is driven primarily by advances in
medical treatment, such as increasingly aggressive chemotherapy procedures and
advances in transplantation procedures. These advances have given rise to an
increased number of immuno-compromised patients. The fungi that cause these
infections are normally combated by an individual's healthy immune system.
However, for immuno-compromised patients, such as individuals undergoing
chemotherapy, immunosuppression following transplantation, or HIV patients with
AIDS, these infections represent a major mortality risk.
SG Cowen Securities Corporation acted as financial advisor to Enzon.
Company management of Enzon will be hosting a conference call on Monday,
November 25, 2002 at 10:00AM EST provide additional financial guidance related
to the Company's acquisition of ABELCET. All interested parties can access the
call using the following information:
Domestic dial-in number 888-276-0007
International dial-in number 612-332-0228
Access Code 662201
Enzon's conference call will also be webcast in a "listen only" mode via
the internet at http://www.vcall.com. Additionally, for those parties unable to
listen at the time of Enzon's conference call, a rebroadcast will be available
following the call from Monday November 25, 2002 from approximately 3:30PM EST.
This rebroadcast will end on Monday, December 2, 2002 at 11:59PM EST. The
rebroadcast may be accessed using the following information:
-more-
{PAGE}
Enzon completed acquisition of Abelcet
Page 3
Domestic Dial-In Number: 800-475-6701
International Dial-In Number: 320-365-3844
Access Code 662201
Enzon is a biopharmaceutical company dedicated to the discovery,
development and commercialization of therapeutics to treat life-threatening
diseases. The company has developed three marketed products, including
PEG-INTRON(R), marketed by Schering-Plough. Enzon's product-focused strategy
includes an extensive drug development program that leverages the Company's PEG
modification and single-chain antibody (SCA(R)) technologies. Internal research
and development efforts are complemented by strategic transactions that provide
access to additional products, projects, and technologies. Enzon has several
drug candidates in various stages of development, independently and with
partners.
Except for the historical information herein, the matters discussed in
this news release include forward-looking statements that may involve a number
of risks and uncertainties. Actual results may vary significantly based upon a
number of factors, which are described in the Company's Form 10-K, Form 10-Q's,
Form 8-K's and other documents on file with the SEC, including without
limitation, risks in obtaining and maintaining regulatory approval for existing,
new or expanded indications and other regulatory risks, risks relating to the
manufacturing facility and Enzon's ability to manufacture pharmaceutical
products on a large scale, risks that customer inventory will be greater than
previously thought, risks concerning Enzon's ability to manage growth, market a
pharmaceutical product on a large scale and integrate and manage an internal
sales and marketing organization and maintain or expand sales and market share
for ABELCET, risks relating to the ability to ensure regulatory compliance,
risks that Enzon will not outperform the sector, risks related to the
acquisition, risks related to research and development costs and capabilities,
market acceptance of and continuing demand for Enzon's products and the impact
of increased competition, risks associated with anticipated top and bottom line
growth and the possibility that upside potential will not be achieved,
competitive products and pricing, and risks associated with the ownership and
use of intellectual property rights.
This release is also available at http://www.enzon.com
###
299830
|
Elan
As referenced in this Enzon Completes Acquisition of Abelcet(R) North American Business from Elan:
Elan
Corp – today announced the completion of the Company's acquisition of the North
American rights to Abelcet(R) (Amphotericin B Lipid Complex Injection) from Elan
Corp oration, plc (NYSE: ELN). ABELCET is an antifungal used in the hospital to
treat patients with invasive fungal infections related to cancer, organ
_____________
dt 262663
;
| Enzon, Inc.
|
Preview
Full Doc
| 2002 |
Enzon Acquires Abelcet(R) North American Business from Elan
Enzon Acquires Abelcet(R) North American Business from Elan (11K)
Doc #299834: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}4
{FILENAME}d52095_ex99-1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
Exhibit 99.1
[LOGO] ENZON For Immediate Release
================================================================================
PRESS RELEASE Contact: Susan M. Mesco
Director Investor Relations
908-541-8678
Noonan Russo Presence
Ernie Knewitz, Media Relations
212-845-4253
ENZON ACQUIRES ABELCET(R) NORTH AMERICAN BUSINESS FROM ELAN
Transaction Bolsters Bottom Line and Marks a Significant Step Toward Full
Integration
BRIDGEWATER, NJ - October 02, 2002 -- Enzon, Inc. (NASDAQ:ENZN) today announced
the signing of an agreement under which Enzon will acquire the North American
rights to Abelcet(R) (Amphotericin B Lipid Complex Injection) from Elan
Corporation, plc (NYSE: ELN). ABELCET is an antifungal used in the hospital to
treat patients with invasive fungal infections related to cancer, organ
transplantation and other conditions. The purchase will include the acquisition
by Enzon of the operating assets associated with the development, manufacture,
sales and marketing of ABELCET in North America, including a 56,000 square foot
manufacturing facility in Indianapolis, Indiana.
Enzon will pay a total of $370 million in cash upon the closing of the
deal, including an estimated $30 million for the manufacturing facility. Under
the terms of the agreement, the $370 million may be subject to certain price
deductions at closing. Enzon has cash and cash equivalents that enable it to
complete the transaction. Enzon also expects to hire from Elan approximately 60
hospital sales force employees, who currently market and sell ABELCET in the
United States and Canada, as well as the manufacturing facility personnel
located at the Indiana facility. The transaction is expected to close during the
fourth calendar quarter of 2002, subject to certain conditions.
Enzon expects that the acquisition of ABELCET, assuming a mid-second
fiscal
-more-
================================================================================
685 Route 202/206
Phone: (908) 541-8600 Fax: (908) 575-9457
http://www.enzon.com
{PAGE}
Page 2/Abelcet
quarter close, will improve its results from operations for its fiscal year
ending June 30, 2003 by adding approximately $50 million in product sales, $20
million in EBITDA, and $0.05 in fully diluted, fully taxed earnings per share.
"This transaction is a great demonstration of our continued success in
pursuing strategies that bolster Enzon's top and bottom lines; it significantly
enhances our infrastructure moving Enzon to a fully integrated pharmaceutical
company model, and adds a product with at least 12 years of patent protection to
our current portfolio," said Arthur J. Higgins, Enzon's chairman and chief
executive officer. "Not only will this transaction be immediately accretive, it
also offers excellent upside potential in the growing antifungal market. The
addition of a fully-operational 60-person hospital sales and marketing unit
provides Enzon with instant access to several key therapeutic areas, including
oncology, hematology, infectious disease, and intensive care medicine.
Additionally, the acquisition of a sterile injectable manufacturing facility
will be a significant enhancement to our manufacturing, QA, and QC capabilities.
On all fronts, this transaction is a clear winner that evidences our commitment
to successfully execute our strategy and become one of the fastest growing and
most respected biopharmaceutical companies."
ABELCET is a lipid complex formulation of amphotericin B providing
patients with significantly lower kidney toxicity than conventional amphotericin
B. Enzon has estimated ABELCET'S current annual run rate to be approximately $80
million, growing at a mid double digit rate; additionally Enzon's estimates
indicate that the intravenous antifungal market is currently growing at an
approximate rate of 20 percent. The increase in severe fungal infections is
driven primarily by advances in medical treatment, such as increasingly
aggressive chemotherapy procedures and advances in transplantation procedures.
These advances have given rise to an increased number of immuno-compromised
patients. The fungi that cause these infections are normally combated by an
individual's healthy immune system. However, for immuno-compromised patients,
such as individuals undergoing chemotherapy, immunosuppression following
transplantation, or HIV patients with AIDS, these infections represent a major
mortality
-more-
================================================================================
685 Route 202/206
Phone: (908) 541-8600 Fax: (908) 575-9457
http://www.enzon.com
{PAGE}
Page 3/Abelcet
risk. The acquisition will include the transfer to Enzon of the operating assets
associated with ABELCET in North America, including certain regulatory product
registrations, including those with the U.S. Food and Drug Administration;
rights under development agreements; rights under certain license agreements;
intellectual property associated with the product; marketing materials; product
and manufacturing books and records; and product and raw material inventories.
The transaction will also include the transfer to Enzon of any Elan Japanese
rights to ABELCET. Additionally, as part of the acquisition, the two companies
will enter into a long-term Manufacturing and Supply Agreement, whereby Enzon
will continue to manufacture products for Elan, including ABELCET, as Elan will
retain the rights to market ABELCET in any markets outside the United States,
Canada, and Japan.
The transaction is expected to close during the fourth calendar quarter of
2002, subject to certain conditions, including the approval of Elan's
shareholders, the receipt of required regulatory approvals and clearances, the
receipt of third-party consents, termination of the applicable waiting period
under the Hart-Scott-Rodino Act, and other customary closing conditions.
SG Cowen Securities Corporation acted as financial advisor to Enzon.
Company management of Enzon will be hosting a conference call on October
2, 2002 at 10:00AM EDT regarding the Company's intended acquisition of ABELCET.
All interested parties can access the call using the following information:
Domestic dial-in number 888-423-3271
International dial-in number 612-332-0418
Access Code 654864
-more-
================================================================================
685 Route 202/206
Phone: (908) 541-8600 Fax: (908) 575-9457
http://www.enzon.com
{PAGE}
Page 4/Abelcet
299834
|
Elan
As referenced in this Enzon Acquires Abelcet(R) North American Business from Elan:
Elan
Corp – the signing of an agreement under which Enzon will acquire the North American
rights to Abelcet(R) (Amphotericin B Lipid Complex Injection) from Elan
Corp oration, plc (NYSE: ELN). ABELCET is an antifungal used in the hospital to
treat patients with invasive fungal infections related to cancer, organ
_____________
dt 262666
;
| Enzon, Inc.
|
Preview
Full Doc
| 2002 |
Elan Completes Sale of Abelcet(TM)
Elan Completes Sale of Abelcet(TM) (2K)
Doc #302672: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}elan6k112502pressno2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
elan Corporate Bulletin
FOR IMMEDIATE RELEASE
CONTACTS:
--------
INVESTORS: (U.S.) INVESTORS: (EUROPE) MEDIA:
Jack Howarth Emer Reynolds Sunny Uberoi
Ph: 212-407-5740 Ph: 353-1-709-4000 Ph: 212-994-8206
800-252-3526 00800 28352600 800-252-3527
ELAN COMPLETES SALE OF ABELCET(TM)
DUBLIN, Ireland, November 22, 2002 - Elan Corporation, plc (NYSE: ELN) ("Elan")
today announced the completion of the sale of its United States, Canadian and
any Japanese rights to Abelcet(TM) (injectible amphotericin B lipid
formulation), and certain related assets to Enzon, Inc. (NASDAQ: ENZN). Elan has
received a net cash payment of $360 million from Enzon representing the total
consideration, after agreed price adjustments, for the transaction that was
previously announced on October 2, 2002. The entire proceeds from the sale will
form part of Elan's targeted proceeds from the divestment of assets as outlined
in its recovery plan.
Elan is focused on the discovery, development, manufacturing, selling and
marketing of novel therapeutic products in neurology, pain management and
autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock
Exchanges.
This news release may contain certain forward-looking statements by Elan that
involve risks and uncertainties and reflect the company's judgement as of the
date of this release. Actual events or results may differ from the company's
expectations. For example, there can be no assurance that the funds received
from this transaction will have a material contribution to Elan's efforts to, or
predict or guarantee Elan's ability to, raise substantial proceeds from the
divestment of assets. A further list of risks, uncertainties and other matters
can be found in Elan's Annual Report on Form 20-F for the fiscal year ended
December 31, 2001, and in its Reports of Foreign Issuer on Form 6-K. Elan
assumes no obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
{/TEXT}
{/DOCUMENT}
302672
|
Elan
As referenced in this Elan Completes Sale of Abelcet(TM):
elan Corp – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}elan6k112502pressno2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
elan Corp orate Bulletin
FOR IMMEDIATE RELEASE
CONTACTS:
--------
INVESTORS: (U.S.) INVESTORS: (EUROPE) MEDIA:
Jack Howarth Emer Reynolds Sunny Uberoi
Ph: 212-407-5740 Ph:
_____________
Elan Corp – Ph: 212-994-8206
800-252-3526 00800 28352600 800-252-3527
ELAN COMPLETES SALE OF ABELCET(TM)
DUBLIN, Ireland, November 22, 2002 - Elan Corp oration, plc (NYSE: ELN) ("Elan")
today announced the completion of the sale of its United States, Canadian and
any Japanese rights to Abelcet(
_____________
dt 271447
;
| Enzon, Inc.
|
| Full Doc
| 2002 |
Elan to Restructure Its Avinza(TM)License Agreement for $100 Million And Sell 2.2 Million Shares in Ligand for $20 Million
Elan to Restructure Its Avinza(TM)License Agreement for $100 Million And Sell 2.2 Million Shares in Ligand for $20 Million (5K)
Doc #302673: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}elanrestructurepressno2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
(COMPANY'S LOGO) CORPORATE BULLETIN
FOR IMMEDIATE RELEASE
Contacts:
--------
Investors (U.S.) Investors: (Europe) Media:
Jack Howarth Emer Reynolds Sunny Uberoi
Ph: 212-407-5740 Ph: 353-1-709-4000 Ph: 212-994-8206
800-252-3526 080028352600 800-252-3526
ELAN TO RESTRUCTURE ITS AVINZA(TM)LICENSE AGREEMENT FOR $100 MILLION
AND SELL 2.2 MILLION SHARES IN LIGAND FOR $20 MILLION
DUBLIN, Ireland, November 12, 2002 - - Elan Corporation, plc (NYSE: ELN)
("Elan") today announced that it has agreed to amend the terms of its
development, license and supply agreement with Ligand Pharmaceuticals, Inc.
("Ligand") regarding Avinza(TM), a once-daily oral form of morphine. Under the
terms of the amendment, Elan and certain of its affiliates will receive, upon
closing, a cash payment of $100 million in return for a reduction in the ongoing
royalty rate from the current level of 30% of net sales of Avinza in the United
States and Canada to approximately 10%. In addition, Elan will forego its option
to negotiate a co-promotion agreement with Ligand for Avinza in the U.S. and
Canada. Elan will continue to manufacture the product in its Gainesville
facility.
The amendment will become effective if Ligand is successful in raising
sufficient funds over the next several weeks to make the cash payment to Elan.
In the event that Ligand is unsuccessful in raising sufficient funds, the
amendment will not become effective and the existing agreement will remain
unchanged.
Elan recorded revenue of approximately $4.7 million in respect of its royalty on
Avinza for the period from its launch in the second quarter of 2002 through
September 30, 2002.
{PAGE}
The carrying value of the Avinza intangible assets as at September 30, 2002
amounted to $16.2 million.
Share Sale
Separately, Elan, through its affiliates, will realise $20.0 million in cash
from the sale of approximately 2.2 million of its 14.5 million Ligand shares to
Ligand at $9.00 per share. Elan has also agreed to a 180-day lock-up period in
respect of 11.8 million of its 12.2 million retained shares in Ligand. Certain
provisions of Elan's registration rights for these 11.8 million Ligand shares
have been amended to ensure any future distributions are managed in an orderly
manner. The share sale is not subject to any Ligand financing contingency.
"We continue with our commitment to maximise the value of our assets through
this agreement. Importantly, the actions we have taken with respect to Elan's
equity position in Ligand highlight our commitment to manage the value of our
financial assets in an orderly manner and we look forward to continuing to work
with Ligand in this regard," commented Dr. Garo Armen, chairman of Elan.
Elan licensed the U.S. and Canadian marketing rights for Avinza to Ligand in
November 1998. The product, which incorporates Elan's proprietary SODAS(TM)
(Spheroidal Oral Drug Absorption System) technology, was subsequently approved
by the U.S. Food and Drug Administration ("FDA") in March 2002 and was launched
by Ligand in the U.S. in the second quarter of 2002.
Under the terms of the development, license and supply agreement signed in 1998,
Elan received an up-front cash payment on signing and further milestone payments
upon the achievement of various clinical, regulatory and other events.
Additionally, the agreement provided for a royalty equal to 30.0% and 32.5% of
net sales in the first and second year after launch, respectively, and 35% of
net sales thereafter and Elan retained an option for
{PAGE}
twelve months post-FDA approval to negotiate a co-promotion agreement for the
product with Ligand.
Elan is focused on the discovery, development, manufacturing, selling and
marketing of novel therapeutic products in neurology, pain management and
autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock
Exchanges.
This news release may contain certain forward-looking statements by Elan that
involve risks and uncertainties and reflect the company's judgement as of the
date of this release. Actual events or results may differ from the company's
expectations. For example, there can be no assurance that the amendment to the
development, license and supply agreement with Ligand will become effective,
that if the revenue is received from this transaction it will have a material
contribution to Elan's efforts to, or predict or guarantee Elan's ability to,
raise substantial proceeds from the divestment of assets. A further list of
these risks, uncertainties and other matters can be found in Elan's Annual
Report on Form 20-F for the fiscal year ended December 31, 2001, and in its
Reports of Foreign Issuer on Form 6-K. Elan assumes no obligations to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
{/TEXT}
{/DOCUMENT}
302673
|
Elan
As referenced in this Elan to Restructure Its Avinza(TM)License Agreement for $100 Million And Sell 2.2 Million Shares in Ligand for $20 Million:
Elan Corp – AVINZA(TM)LICENSE AGREEMENT FOR $100 MILLION
AND SELL 2.2 MILLION SHARES IN LIGAND FOR $20 MILLION
DUBLIN, Ireland, November 12, 2002 - - Elan Corp oration, plc (NYSE: ELN)
("Elan") today announced that it has agreed to amend the terms of its
development, license and supply agreement with
_____________
dt 271448
;
|
Ligand Pharma
As referenced in this Elan to Restructure Its Avinza(TM)License Agreement for $100 Million And Sell 2.2 Million Shares in Ligand for $20 Million:
Ligand Pharmaceuticals, – Corporation, plc (NYSE: ELN)
("Elan") today announced that it has agreed to amend the terms of its
development, license and supply agreement with Ligand Pharmaceuticals, Inc.
("Ligand") regarding Avinza(TM), a once-daily oral form of morphine. Under the
terms of the amendment, Elan and certain of
_____________
dt 267915
|
Preview
Full Doc
| 2003 |
King Pharmaceuticals Reports Third-Quarter 2003 Financial Results
King Pharmaceuticals Reports Third-Quarter 2003 Financial Results (52K)
Doc #281650: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g85429exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS
THIRD-QUARTER 2003 FINANCIAL RESULTS
BRISTOL, TENNESSEE, October 28, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that total revenues increased 34% to $424.2 million during the
third quarter ending September 30, 2003, compared to $315.7 million during the
third quarter of 2002. Net earnings during the third quarter ending September
30, 2003, including special items, totaled $106.1 million, or $0.44 per diluted
share, each increasing 26% in comparison to net earnings of $84.2 million and
diluted earnings per share of $0.35 in the same period of the prior year.
Excluding special items, net earnings increased 17% to $99.1 million and diluted
earnings per share grew 17% to $0.41 during the third quarter ending September
30, 2003, from net earnings of $84.7 million and diluted earnings per share of
$0.35 during the third quarter of 2002.
For the nine months ending September 30, 2003, total revenues increased 33% to
$1,138.8 million compared to $856.3 million during the first nine months of
2002. During the nine months ending September 30, 2003, including special items,
net earnings equaled $63.9 million, or $0.26 per diluted share, each decreasing
70% in comparison to net earnings of $214.0 million and diluted earnings per
share of $0.87 in the same period of the prior year. Excluding special items,
net earnings increased 13% to $262.6 million and diluted earnings per share
increased 16% to $1.09 during the nine months ending September 30, 2003, from
net earnings of $233.1 million and diluted earnings per share of $0.94 during
the first nine months of 2002.
King recorded special items during the third quarter ending September 30, 2003,
the net of which resulted in income totaling $11.1 million, or $7.0 million net
of tax. More specifically, special items during the third quarter of 2003
include income in the amount of $10.3 million due to a gain on the sale of the
Company's animal health products; income in the amount of $9.3 million due to a
decrease in the valuation allowance for Novavax, Inc. convertible notes held by
the Company resulting from an increase in the share price of Novavax common
stock during the third quarter of 2003; and charges totaling $8.6 million,
primarily related to professional fees associated with the ongoing Securities
and Exchange Commission ("SEC") investigation of the Company and the completed
internal review conducted by the Audit Committee of King's Board of Directors.
King recorded special items totaling $0.7 million, or $0.5 million net of tax,
during the third quarter ending September 30, 2002, primarily due to a charge
related to an increase in the reserve for King's voluntary recall during 2001 of
products manufactured for the Company by a contract manufacturer, offset by
income resulting from a decrease in the valuation allowance for Novavax
convertible notes held by the Company. During the first six months of 2003, King
recorded special items totaling $308.4 million, or $205.7 million net of tax,
primarily due to charges for acquired in-process research and development,
professional fees associated with the previously mentioned SEC investigation and
completed internal review, a product recall, and a decrease in the valuation
allowance for Novavax convertible notes held by the Company; and an intangible
asset impairment charge. During the six month period ending June 30, 2002, King
recorded special charges totaling $29.8 million, or $18.7 million net of tax,
that primarily related to an increase in the valuation allowance for Novavax
convertible notes held by King and the Company's voluntary recall of two of its
smaller products.
(more)
{PAGE}
Under Generally Accepted Accounting Principles ("GAAP"), "net earnings" and
"diluted earnings per share" include special items. In addition to the results
determined in accordance with GAAP, King provides its net earnings and diluted
earnings per share results for the third quarter and nine months ending
September 30, 2003, excluding special items. King also provides below the
Company's diluted earnings per share for the fourth quarter and year ending
December 31, 2002, excluding special items. These non-GAAP financial measures
exclude special items which are those particular material income or expense
items that King considers to be unrelated to the Company's ongoing, underlying
business, non-recurring, or not generally predictable. Such items include, but
are not limited to, merger and restructuring expenses; non-capitalized expenses
associated with acquisitions, such as in-process research and development
charges and one-time inventory valuation adjustment charges; charges resulting
from the early extinguishment of debt; asset impairment charges; expenses of
drug recalls; and gains and losses resulting from the divestiture of assets.
King believes the identification of special items enhances an analysis of the
Company's ongoing, underlying business and an analysis of the Company's
financial results when comparing those results to that of a previous or
subsequent like period. However, it should be noted that the determination of
whether to classify an item as a special item involves judgments by King's
management. A reconciliation of non-GAAP financial measures referenced herein
and King's financial results determined in accordance with GAAP is provided
below.
The 34% increase in King's revenues during the third-quarter ending September
30, 2003 in comparison to the same period of the prior year is attributable
primarily to the acquisition of Sonata(R) and Skelaxin(R) (metaxolone) from Elan
Corporation, plc on June 12, 2003, the acquisition of Meridian on January 8,
2003, and increased net sales of certain branded pharmaceutical products, in
particular Thrombin-JMI(R) (thrombin, topical, bovine, USP).
Net revenue from branded pharmaceuticals, including royalty income, totaled
$380.2 million for the third quarter of 2003, a 23% increase over the third
quarter of 2002. Meridian, our wholly-owned subsidiary, contributed $38.4
million of net revenue in the third quarter of 2003. Net revenue from contract
manufacturing during the third quarter of 2003 equaled $5.7 million.
Altace(R) (ramipril) net sales equaled $125.4 million in the third quarter of
2003, a 4% decrease from $130.5 million during the third quarter of 2002.
Altace(R) new prescriptions totaled approximately 980,995 and total
prescriptions equaled approximately 3,200,986 during the third quarter of 2003,
increases of 9% and 15%, respectively, over the same period of the prior year,
according to IMS America monthly prescription data. Moreover, Altace is now
positioned as the leader in total prescription market share among branded ACE
inhibitors according to IMS America weekly prescription data.
Net sales of Skelaxin(R) totaled $87.9 million and Sonata(R) net sales equaled
$20.5 million during the third quarter ending September 30, 2003.
Net sales of Thrombin-JMI(R) totaled $40.4 million during the third quarter
ending September 30, 2003, a 73% increase from $23.3 million during the third
quarter of the prior year.
Levoxyl(R) net sales equaled $26.3 million in the third quarter of 2003, down
45% from $47.8 million during the third quarter of 2002, while total
prescriptions for the product were down 2% during the third quarter ending
September 30, 2003, compared to the same period of the prior year according to
IMS America monthly prescription data.
Royalty revenues from Adenoscan(R) (adenosine) and Adenocard(R) (adenosine)
totaled $16.3 million in the third quarter of 2003, a 9% increase over $15.0
million during the same period of the prior year.
(more)
{PAGE}
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We
are pleased to report King's positive financial results for the third quarter
281650
|
Elan
As referenced in this King Pharmaceuticals Reports Third-Quarter 2003 Financial Results:
Elan
Corp – comparison to the same period of the prior year is attributable
primarily to the acquisition of Sonata(R) and Skelaxin(R) (metaxolone) from Elan
Corp oration, plc on June 12, 2003, the acquisition of Meridian on January 8,
2003, and increased net sales of certain branded pharmaceutical products,
_____________
dt 206870
;
Eon Labs
As referenced in this King Pharmaceuticals Reports Third-Quarter 2003 Financial Results:
Eon Labs, – any potential attempt to challenge
the enforceability of U.S. Patent No. 6,407,128 related to Skelaxin(R),
including the challenges by Eon Labs, Inc. and Corepharma LLC; dependence on
King's ability to maintain effective patent protection for Sonata(R) and
Skelaxin(R), including new
_____________
dt 207007
;
|
King Pharma
As referenced in this King Pharmaceuticals Reports Third-Quarter 2003 Financial Results:
[KING PHARMACEUTICALS – 3
{FILENAME}g85429exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS
THIRD-QUARTER 2003 FINANCIAL RESULTS
BRISTOL, TENNESSEE, October 28, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced
_____________
KING PHARMACEUTICALS – 99.1 PRESS RELEASE
{TEXT}
{PAGE}
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS
THIRD-QUARTER 2003 FINANCIAL RESULTS
BRISTOL, TENNESSEE, October 28, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that total revenues increased 34%
_____________
King Pharmaceuticals, – E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS
THIRD-QUARTER 2003 FINANCIAL RESULTS
BRISTOL, TENNESSEE, October 28, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that total revenues increased 34% to $424.2 million during the
third quarter ending September 30, 2003,
_____________
King Pharmaceuticals – dependence on
the high cost and uncertainty of research, clinical trials, and other
development activities involving pharmaceutical products, including, but not
limited to, King Pharmaceuticals Research and Development's pre-clinical and
clinical pharmaceutical product development projects, including binodenoson and
T-62; dependence on FDA approval of King'
_____________
KING PHARMACEUTICALS, – the indicated results or events will not be realized.
# # #
CONTACT:
James E. Green, Executive Vice President, Corporate Affairs - 423-989-8125
(more)
{PAGE}
KING PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
{TABLE}
{CAPTION}
Three Months Ended Nine Months Ended
September 30 September
_____________
dt 221461
;
Novavax
As referenced in this King Pharmaceuticals Reports Third-Quarter 2003 Financial Results:
Novavax, – the
Company's animal health products; income in the amount of $9.3 million due to a
decrease in the valuation allowance for Novavax, Inc. convertible notes held by
the Company resulting from an increase in the share price of Novavax common
stock during the third
_____________
Novavax – decrease in the valuation allowance for Novavax, Inc. convertible notes held by
the Company resulting from an increase in the share price of Novavax common
stock during the third quarter of 2003; and charges totaling $8.6 million,
primarily related to professional fees associated with the ongoing
_____________
Novavax
– 2001 of
products manufactured for the Company by a contract manufacturer, offset by
income resulting from a decrease in the valuation allowance for Novavax
convertible notes held by the Company. During the first six months of 2003, King
recorded special items totaling $308.4 million, or $
_____________
Novavax – fees associated with the previously mentioned SEC investigation and
completed internal review, a product recall, and a decrease in the valuation
allowance for Novavax convertible notes held by the Company; and an intangible
asset impairment charge. During the six month period ending June 30, 2002, King
recorded
_____________
Novavax
– charges totaling $29.8 million, or $18.7 million net of tax,
that primarily related to an increase in the valuation allowance for Novavax
convertible notes held by King and the Company's voluntary recall of two of its
smaller products.
(more)
{PAGE}
Under Generally Accepted
_____________
dt 215941
;
Wyeth
As referenced in this King Pharmaceuticals Reports Third-Quarter 2003 Financial Results:
Wyeth – may differ materially from the forward-looking statements. Some
important factors which may cause results to differ include: dependence on
King's and Wyeth Pharmaceuticals' ability to successfully market Altace(R) under
the co-promotion agreement between King and Wyeth; dependence on the development
and implementation of
_____________
Wyeth; – differ include: dependence on
King's and Wyeth Pharmaceuticals' ability to successfully market Altace(R) under
the co-promotion agreement between King and Wyeth; dependence on the development
and implementation of successful marketing strategies for Altace(R) by King and
Wyeth; dependence on the potential negative
_____________
Wyeth; – co-promotion agreement between King and Wyeth; dependence on the development
and implementation of successful marketing strategies for Altace(R) by King and
Wyeth; dependence on the potential negative effect on sales of Levoxyl(R) as a
result of the potential development and approval of
(more)
{
_____________
dt 226999
|
Preview
Full Doc
| 2003 |
King Pharmaceuticals Completes Acquisition of Primary Care Business from Elan
King Pharmaceuticals Completes Acquisition of Primary Care Business from Elan (11K)
Doc #281655: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}4
{FILENAME}g83355exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
PRIMARY CARE BUSINESS FROM ELAN
BRISTOL, TENNESSEE, June 13, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company has completed the previously announced planned
acquisition of the Elan Corporation, plc's (NYSE:ELN) primary care business in
the United States and Puerto Rico. Elan's primary care business includes two
branded prescription pharmaceutical products, as well as rights to potential new
formulations of the products, and Elan's experienced primary care field sales
force currently consisting of approximately 350 individuals. The products
include Sonata(R) (zaleplon), a nonbenzodiazepine treatment for insomnia, and
Skelaxin(R) (metaxalone), a muscle relaxant, in the United States, its
territories and possessions, and Puerto Rico (the "Territories"), and related
New Drug Applications ("NDAs"), trademarks, copyrights, patents, and licenses to
certain patents associated with potential new formulations of such products. As
part of the transaction, King will acquire certain intellectual property,
regulatory filings, and other assets relating to Sonata(R) directly from Wyeth
Pharmaceuticals. Total consideration paid by King at closing was approximately
$750 million, which includes the transfer of inventory from Elan to King with a
value of approximately $40 million. Net sales of Sonata(R) and Skelaxin(R) in
the Territories totaled approximately $238 million during 2002.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We
are very pleased to announce the completion of our acquisition of Elan's primary
care business, which exemplifies the continued successful execution of our
growth strategies." Mr. Gregory explained, "We believe Sonata(R) provides King
with a differentiated product among available insomnia treatments. Moreover,
Elan has made significant strides in the development of new formulations of
Sonata(R) utilizing their proprietary delivery technology. The potential
successful development of additional approved formulations, together with our
planned focused promotion of the differentiating positive attributes of this
product, should well-position Sonata(R) to become another cornerstone product
for our Company."
Mr. Gregory continued, "Our acquisition of Skelaxin(R) provides King with
another leading branded product which should produce additional significant cash
flow for our Company. As the only branded prescription pharmaceutical product
without a generic substitute in the muscle relaxant class, total prescriptions
for Skelaxin(R) during the twelve months ended December 31, 2002 increased 20%
over the same period of the prior year, according to NDC Health monthly
prescription data." Mr. Gregory added, "King and Elan have also entered into an
agreement relating to new formulation development for Skelaxin(R)."
Kyle P. Macione, President of King, emphasized, "Our acquisition of Elan's
primary care field
(more)
{PAGE}
sales force represents a transformational event for our Company. This event,
coupled with our own continued sales force expansion will add over 400
individuals in total in 2003. This dramatic expansion of our U.S. primary care
field sales force by over 90 percent provides critical mass, growing our total
sales force to approximately 1,200 individuals. This expansion significantly
enhances our sales and marketing capability and positions us to compete even
more effectively in the primary care marketplace." Mr. Macione added, "Moreover,
this significantly expanded sales forces should allow us to more aggressively
increase the representation of our branded prescription pharmaceutical products
among primary care providers and strategically positions King to launch new
products as they emerge from our growing product pipeline."
All claims asserted in the lawsuit between King and Elan, which had been
suspended pending the closing of the transaction, have now been released and the
lawsuit will be dismissed with prejudice.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that develops, manufactures, markets, and sells branded
prescription pharmaceutical products. King, an S&P 500 Index company, seeks to
capitalize on opportunities in the pharmaceutical industry through the
development, including through in-licensing arrangements and acquisitions, of
novel branded prescription pharmaceutical products in attractive markets and the
strategic acquisition of branded products that can benefit from focused
promotion and marketing and product life-cycle management.
This release contains forward-looking statements, which reflect management's
current views of future events and operations, including, but not limited to,
statements pertaining to the growth prospects for Sonata(R) and Skelaxin(R),
statements pertaining to Elan's continued development of potential new
formulations of Sonata(R), statements pertaining to the potential of new
formulations of Sonata(R) which could provide the product with additional
long-term exclusivity, statements pertaining to Sonata(R) providing King with
another potential cornerstone product, statements pertaining to the planned new
formulation development for Skelaxin(R), statements pertaining to King's planned
expansion of the primary care field sales force acquired from Elan, statements
pertaining to the ability of King's expanded sales force to enhance the sales
and prescription growth of Sonata(R), Skelaxin(R), and King's other branded
prescription pharmaceutical products, and statements pertaining to King's
expanded sales force enhancing the Company's ability to launch new products.
These forward-looking statements involve certain significant risks and
uncertainties, and actual results may differ materially from the forward-looking
statements. Some important factors which may cause results to differ include:
dependence on Elan's and King's ability to successfully and timely develop new
formulations of Sonata(R) and Skelaxin(R) with related effective patent
protection, dependence on the U.S. Patent and Trademark Office extending the
Sonata(R) composition of matter patent to June 2008, dependence on the
enforceability of the Sonata(R) composition of matter patent, dependence on the
enforceability of the Skelaxin(R) method-of-use patent, dependence on King's
ability to maintain effective patent protection for Sonata(R) and Skelaxin(R),
including new formulations of such products, and successfully defend against any
attempt to challenge the enforceability of patents relating to the products,
including any motion for summary judgment or other similar legal action,
dependence on whether generic competition for Sonata(R) and Skelaxin(R) are
(more)
{PAGE}
successfully introduced prior to the expiration of the Sonata(R) composition of
matter patent, the Skelaxin(R) method-of-use patent, and any patent related to
any new formulation of Sonata(R) or Skelaxin(R), dependence on the
enforceability of patents related to any new formulation of Sonata(R) or
Skelaxin(R), dependence on the ability of King's dedicated field sales force
representatives, including those acquired from Elan as part of this transaction,
to successfully market Altace(R) (ramipril), Levoxyl(R) (levothyroxine sodium
tablets, USP), Thrombin-JMI(R) (thrombin, topical, bovine, USP), Sonata(R),
Skelaxin(R), and King's other branded prescription pharmaceutical products,
dependence on Wyeth Pharmaceuticals' ability to continue to supply King's
requirements for Sonata(R) through April 2010, dependence on the potential
effect on sales of our existing branded pharmaceutical products as a result of
the potential development and approval of a generic substitute for any such
product or other new competitive products, dependence on the successful
marketing and sales of Sonata(R) and Skelaxin by King, dependence on management
of King's growth and integration of its acquisitions, specifically including,
281655
|
Elan
As referenced in this King Pharmaceuticals Completes Acquisition of Primary Care Business from Elan:
Elan Corp – TENNESSEE, June 13, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company has completed the previously announced planned
acquisition of the Elan Corp oration, plc's (NYSE:ELN) primary care business in
the United States and Puerto Rico. Elan's primary care business includes two
branded
_____________
dt 206873
;
|
King Pharma
As referenced in this King Pharmaceuticals Completes Acquisition of Primary Care Business from Elan:
(KING PHARMACEUTICALS – txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
PRIMARY CARE BUSINESS FROM ELAN
BRISTOL, TENNESSEE, June 13, 2003 - King Pharmaceuticals, Inc. (NYSE:
_____________
KING PHARMACEUTICALS – RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
PRIMARY CARE BUSINESS FROM ELAN
BRISTOL, TENNESSEE, June 13, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company
_____________
King Pharmaceuticals, – S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
PRIMARY CARE BUSINESS FROM ELAN
BRISTOL, TENNESSEE, June 13, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company has completed the previously announced planned
acquisition of the Elan Corporation, plc's (NYSE:
_____________
KING PHARMACEUTICALS – James E. Green, Executive Vice President, Corporate Affairs
423-989-8125
John P. Lambrechts, Senior Director, Investor Relations
423-990-2518
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
_____________
dt 221466
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Preview
Full Doc
| 2003 |
King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business
King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business (24K)
Doc #281656: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g83077exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REACHES REVISED AGREEMENT TO PROCEED WITH
ACQUISITION OF ELAN'S PRIMARY CARE BUSINESS
PROVIDES REVISED FINANCIAL PROJECTIONS REFLECTING TRANSACTION
BRISTOL, TENNESSEE, May 20, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company has reached an agreement with Elan Corporation,
plc (NYSE:ELN) that restructures the terms of the Asset Purchase Agreement dated
January 30, 2003. Pursuant to the revised terms of the agreement, the previously
announced planned acquisition of Elan's primary care business in the United
States and Puerto Rico is expected to close by the end of June 2003, subject to
the satisfaction of certain contingencies, including approval by the holders of
a majority of the outstanding common stock of Elan and other customary
conditions. King and Elan have also agreed to suspend litigation between King
and Elan relating to the original agreement until the closing of the
transaction, at which time the litigation will be dismissed.
Elan's primary care business includes two branded prescription pharmaceutical
products, as well as rights to potential new formulations of the products, and
Elan's experienced primary care field sales force consisting of approximately
375 individuals. The products include Sonata(R) (zaleplon), a nonbenzodiazepine
treatment for insomnia, and Skelaxin(R) (metaxalone), a muscle relaxant, in the
United States, its territories and possessions, and Puerto Rico ("Territories"),
and related New Drug Applications ("NDAs"), trademarks, copyrights, patents, and
licenses to certain patents associated with potential new formulations of such
products. As part of the transaction, King will acquire certain intellectual
property, regulatory filings, and other assets relating to Sonata(R) directly
from Wyeth Pharmaceuticals.
Under the restructured agreement, the total consideration paid by King at
closing will equal approximately $750 million. King will deposit $400 million in
escrow in anticipation of closing. The $750 million purchase price includes the
transfer of inventory with a value of approximately $40 million. Net sales of
Sonata(R) and Skelaxin(R) in the Territories totaled approximately $238 million
during 2002.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We
are pleased to announce that we have reached a new agreement that permits us to
proceed with the acquisition of Elan's primary care business, which includes
Sonata(R) and Skelaxin(R). The addition of Elan's dedicated primary care field
sales force of approximately 375 individuals to our established sales and
marketing capabilities should particularly well position Sonata(R) for long-term
growth and significantly enhance the Company's ability to successfully promote
and grow our other branded prescription pharmaceutical products."
Sonata(R) is a nonbenzodiazepine short-acting treatment for insomnia, with most
patients experiencing the onset of sleep within ten to twenty minutes of taking
the drug. With a short half-life of approximately one hour and a four to five
hour duration of action, the product can be taken in the middle of the night
without residual side effects such as drowsiness, loss of memory, or impact on
psychomotor skills.
(more)
{PAGE}
Sonata(R) was developed by Wyeth and approved for marketing in the United States
in 1999. Sonata(R) has Hatch-Waxman exclusivity through August 2004 and a
composition of matter patent which the U.S. Patent and Trademark Office is
expected to extend through June 2008. Net sales of Sonata(R) totaled
approximately $93 million during 2002.
In connection with the transaction, King and Elan will enter into a
Reformulation Agreement whereby Elan will continue its ongoing development of
new formulations of Sonata(R), including an extended release product. King will
reimburse Elan for the direct costs incurred in connection with the formulation
development program for Sonata(R), and will pay Elan potential payments totaling
approximately $71 million upon the successful attainment of certain significant
development milestones, including regulatory approval. Furthermore, King will
pay Elan a reasonable royalty on net sales of each new formulation of Sonata(R),
plus a potential one-time milestone payment of $15 million upon the achievement
of a specified net sales threshold.
Mr. Gregory commented, "With an excellent efficacy and safety profile, and as
one of only two approved nonbenzodiazepines for the treatment of insomnia, we
believe Sonata(R) provides King with a differentiated product among available
insomnia treatments. Moreover, with a composition-of-matter patent expected to
extend through June 2008, and the opportunity to potentially develop a new
improved formulation with additional patent protection, we continue to believe
that Sonata(R) provides King with another potential cornerstone product."
Mr. Gregory added, "Elan has made significant strides in the development of new
formulations of Sonata(R) utilizing their proprietary delivery technology. Phase
II clinical studies involving an extended release formulation of Sonata(R) are
expected to begin within a year. We believe the successful development of such a
formulation should potentially provide Sonata(R) with additional long-term
exclusivity."
Kyle P. Macione, President of King, commented, "We continue to view our
acquisition of Elan's primary care field sales force, which we plan to expand to
over 400 individuals, as a transformational event for our Company. This dramatic
expansion of our U.S. primary care field sales force by over 90 percent provides
critical mass, growing our total sales force to approximately 1,200 individuals.
This expansion significantly enhances our existing, proven sales and marketing
capability and positions us to compete even more effectively in the primary care
marketplace." Mr. Macione continued, "Moreover, this should allow us to more
aggressively expand the representation of our branded prescription
pharmaceutical products among primary care providers and strategically positions
King to launch new products as they emerge from our growing product pipeline."
Skelaxin(R) is a muscle relaxant indicated for the relief of discomforts
associated with acute, painful musculoskeletal conditions and has a
method-of-use patent through December 2021 claiming increased bioavailability
when administered to a patient with food. Furthermore, the U.S. Food and Drug
Administration ("FDA") now requires Abbreviated New Drug Applications ("ANDA")
for generic equivalents to Skelaxin(R) to include in-vivo studies under both fed
and fasted conditions that evaluate the products' comparability to Skelaxin(R).
Eon Labs, Inc. and Corepharma LLC each have submitted to the FDA an ANDA for a
generic equivalent to Skelaxin(R) 400mg, together with a paragraph IV
certification pertaining to the Skelaxin(R) method-of-use patent, U.S. patent
no. 6,407,128 ("the `128 Patent") that does not expire until December 2021. Elan
has filed a patent infringement action against both Eon and Corepharma. In March
2003, Eon reported that the FDA has determined that Eon's ANDA is not
(more)
281656
|
Elan
As referenced in this King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business:
Elan Corp – PROJECTIONS REFLECTING TRANSACTION
BRISTOL, TENNESSEE, May 20, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company has reached an agreement with Elan Corp oration,
plc (NYSE:ELN) that restructures the terms of the Asset Purchase Agreement dated
January 30, 2003. Pursuant to the revised terms of
_____________
dt 206874
;
Eon Labs
As referenced in this King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business:
Eon Labs, – equivalents to Skelaxin(R) to include in-vivo studies under both fed
and fasted conditions that evaluate the products' comparability to Skelaxin(R).
Eon Labs, Inc. and Corepharma LLC each have submitted to the FDA an ANDA for a
generic equivalent to Skelaxin(R) 400mg, together with
_____________
dt 207009
;
King Pharma
As referenced in this King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business:
(KING PHARMACEUTICALS – txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REACHES REVISED AGREEMENT TO PROCEED WITH
ACQUISITION OF ELAN'S PRIMARY CARE BUSINESS
PROVIDES REVISED FINANCIAL PROJECTIONS
_____________
KING PHARMACEUTICALS – RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REACHES REVISED AGREEMENT TO PROCEED WITH
ACQUISITION OF ELAN'S PRIMARY CARE BUSINESS
PROVIDES REVISED FINANCIAL PROJECTIONS REFLECTING TRANSACTION
BRISTOL, TENNESSEE, May 20,
_____________
King Pharmaceuticals, – REVISED AGREEMENT TO PROCEED WITH
ACQUISITION OF ELAN'S PRIMARY CARE BUSINESS
PROVIDES REVISED FINANCIAL PROJECTIONS REFLECTING TRANSACTION
BRISTOL, TENNESSEE, May 20, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company has reached an agreement with Elan Corporation,
plc (NYSE:ELN) that restructures the terms
_____________
King Pharmaceuticals – dependence on the high
cost and uncertainty of research, clinical trials, and other development
activities involving pharmaceutical products, including, but not limited to,
King Pharmaceuticals Research and Development's pre-clinical and clinical
pharmaceutical product development projects, including binodenoson, dependence
on FDA approval of the ANDA now pending
_____________
KING PHARMACEUTICALS – the
indicated results or events will not be realized.
# # #
Contact:
James E. Green, Executive Vice President, Corporate Affairs - 423-989-8125
EXECUTIVE OFFICES
KING PHARMACEUTICALS * 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
_____________
dt 221467
;
|
Novavax
As referenced in this King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business:
Novavax' – AtroPen(R), dependence on
King's ability to successfully launch and
(more)
{PAGE}
market DiaJect(R) and AtroPen(R) once approved, dependence on Novavax' s ability
to successfully develop and manufacture Estrasorb(TM), dependence on King's and
Novavax's ability to successfully launch and market Estrasorb(
_____________
Novavax' – R) and AtroPen(R) once approved, dependence on Novavax's ability
to successfully develop and manufacture Estrasorb(TM), dependence on King's and
Novavax' s ability to successfully launch and market Estrasorb(TM) once approved,
dependence on the unpredictability of the duration and results of the FDA'
_____________
Novavax – pharmaceutical products to be lower in a subsequent quarter than they would
otherwise have been, dependence on changes in the share price of Novavax common
stock which is the underlying collateral for the Novavax convertible notes held
by the Company, dependence on the availability and cost of
_____________
Novavax – they would
otherwise have been, dependence on changes in the share price of Novavax common
stock which is the underlying collateral for the Novavax convertible notes held
by the Company, dependence on the availability and cost of raw materials,
dependence on no material interruptions in supply by
_____________
dt 215942
;
Wyeth
As referenced in this King Pharmaceuticals Reaches Revised Agreement to Proceed with Acquisition of Elan's Primary Care Business:
Wyeth – products. As part of the transaction, King will acquire certain intellectual
property, regulatory filings, and other assets relating to Sonata(R) directly
from Wyeth Pharmaceuticals.
Under the restructured agreement, the total consideration paid by King at
closing will equal approximately $750 million. King will deposit $400 million
_____________
Wyeth – night
without residual side effects such as drowsiness, loss of memory, or impact on
psychomotor skills.
(more)
{PAGE}
Sonata(R) was developed by Wyeth and approved for marketing in the United States
in 1999. Sonata(R) has Hatch-Waxman exclusivity through August 2004 and a
composition of
_____________
Wyeth. – In connection with the transaction, Elan will assign to King the Supply
Agreement relating to the supply of Sonata(R) to Elan by Wyeth. Under the
assigned Supply Agreement, Wyeth is obligated to supply King's requirements for
Sonata(R) until April 2010.
This transaction is
_____________
Wyeth – will assign to King the Supply
Agreement relating to the supply of Sonata(R) to Elan by Wyeth. Under the
assigned Supply Agreement, Wyeth is obligated to supply King's requirements for
Sonata(R) until April 2010.
This transaction is expected to be immediately accretive to King'
_____________
Wyeth
– Levoxyl(R), Thrombin-JMI(R)
(thrombin, topical, bovine, USP), Sonata(R), Skelaxin(R), and King's other
branded prescription pharmaceutical products, dependence on Wyeth
Pharmaceuticals' ability to continue to supply King's requirements for Sonata(R)
through April 2010, dependence on the potential effect on sales
_____________
dt 227002
|
Preview
Full Doc
| 2003 |
King Pharmaceuticals Provides First-Quarter 2003 Preview
King Pharmaceuticals Provides First-Quarter 2003 Preview (7K)
Doc #281659: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g82388exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
NEWS RELEASE
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS PROVIDES FIRST-QUARTER 2003 PREVIEW
ANNOUNCES PLANS TO RELEASE FIRST-QUARTER 2003 RESULTS ON MAY 6, 2003
BRISTOL, TENNESSEE, April 25, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company expects first-quarter 2003 total revenue,
Altace(R) net sales, and diluted earnings per share, excluding special items,
within the estimated ranges previously announced by the Company on January 31,
2003, with diluted earnings per share, excluding special items, at the low end
of its estimated range. King plans to release its results for the first-quarter
of 2003 on May 6, 2003, prior to the market open. The Company previously
announced estimated ranges for total revenue. Altace(R) net sales, and diluted
earnings per share, excluding special items, as follows (dollars in millions,
except diluted EPS):
{Table}
{Caption}
Previously Announced Estimated Ranges
First-quarter Ending March 31, 2003
-------------------------------------
{S} {C}
Total Revenue $325 - 355
Altace(R) Net Sales $135 - 155
Diluted EPS, Excluding Special Items $0.33 - 0.37
{/Table}
Under Generally Accepted Accounting Principles ("GAAP") "diluted earnings per
share" includes special items. King provides its 2003 earnings guidance as
"diluted earnings per share, excluding special items". This non-GAAP financial
measure excludes special items (which King considers to be those items that are
not related to the Company's ongoing, underlying business) because King
believes that it is appropriate for investors to consider results excluding
these items, in addition to the Company's results reported in accordance with
GAAP. King believes this non-GAAP financial measure provides an analysis of the
Company's results that is comparable among periods since its excludes the
impact of items such as merger and restructuring expenses, asset impairment
charges, expenses of drug recalls, and gains and losses resulting from the
divestiture of an asset, among others. However, investors should note that this
non-GAAP measure involves judgments by King's management (in particular,
judgments as to what is or is not classified as a special item).
King anticipates that special items during the first quarter of 2003 will
result in a net charge ranging from $85 million to $90 million, net of tax, or
a net charge of $0.35 to $0.37 per diluted share, relating primarily to an
impairment charge for Florinef(R) (fludrocortisone acetate, USP) due to the
recent approval of a second generic for the product and a charge for in-process
research and development associated with the Company's acquisition of Meridian
Medical Technologies, Inc. on January 8, 2003.
King plans to update the Company's projected ranges for estimated total
revenue, Altace(R) net sales, and diluted earnings per share, excluding special
items, for the second-quarter and year-end 2003 when it releases fist-quarter
2003 results. The Company plans to revise its estimates for the second quarter
and year-end 2003 primarily as a result of its previously announced intent not
to proceed with the acquisition
{PAGE}
of Elan Corporation, plc's primary care business, which acquisition was included
in King's previously announced estimates released on January 31, 2003.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that develops, manufactures, markets, and sells branded
prescription pharmaceutical products. King, an S&P 500 Index company, seeks to
capitalize on opportunities in the pharmaceutical industry created by cost
containment initiatives and consolidation among large global pharmaceutical
companies. King's strategy is to acquire branded pharmaceutical products and
to increase their sales by focused promotion and marketing and through product
life cycle management.
This release contains forward-looking statements which reflect management's
current views of future events and operations, including, but not limited to,
statements pertaining to expected financial results for the first-quarter
ending March 31, 2003, including, but not limited to, expected total revenues,
net sales of Altace(R), special items, and diluted earnings per share,
excluding special items, and statements pertaining to King's planned release of
financial results for the first-quarter ending March 31, 2003. These
forward-looking statements involve certain significant risks and uncertainties,
and actual results may differ materially from the forward-looking statements.
Some important factors which may cause results to differ include: dependence on
the occurrence of subsequent events affecting the Company's anticipated
financial results for the first-quarter ending March 31, 2003, or the planned
release of such results, dependence on the results of the completion of the
quarterly close-out of our unaudited consolidated financial statements,
dependence on King's subsequently reported financial results for the
first-quarter ending March 31, 2003, dependence on any determination of the
ultimate focus of the previously announced investigation of the Company by the
U.S. Securities and Exchange Commission ("SEC"), dependence on the possibility
that the previously announced continuing independent review by the audit
committee of King's Board of Directors, which was initiated due to the ongoing
investigation of the Company by the SEC, may result in a determination to
revise our disclosures or financial statements which could have a material
adverse effect on our reported financial results; dependence on the possibility
that shareholders or regulatory authorities may initiate proceedings against
King and/or our officers and directors; dependence on the import of any
relevant facts presently unknown to King's executive management; dependence on
share count projections used in computing projected diluted earnings per share,
dependence on our compliance with government regulations that relate to our
business, and dependence on changes in federal and state laws and regulations.
Other important factors that may cause actual results to differ materially from
the forward-looking statements are discussed in the "Risk Factors" section and
other sections of King's Form 8-K dated April 15, 2003, which is on file with
the Securities and Exchange Commission ("SEC"), and other filings with the SEC.
King does not undertake to publicly update or revise any of its forward-looking
statements even if experience or future changes show that the indicated results
or events will not be realized.
###
Contact:
James E. Green, Executive Vice President, Corporate Affairs - 423-989-8125
EXECUTIVE OFFICES
KING PHARMACEUTICALS, INC. - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
281659
|
Elan
As referenced in this King Pharmaceuticals Provides First-Quarter 2003 Preview:
Elan Corp – second quarter
and year-end 2003 primarily as a result of its previously announced intent not
to proceed with the acquisition
{PAGE}
of Elan Corp oration, plc's primary care business, which acquisition was included
in King's previously announced estimates released on January 31, 2003.
King, headquartered
_____________
dt 206875
;
|
King Pharma
As referenced in this King Pharmaceuticals Provides First-Quarter 2003 Preview:
[KING PHARMACEUTICALS – DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g82388exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
NEWS RELEASE
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS PROVIDES FIRST-QUARTER 2003 PREVIEW
ANNOUNCES PLANS TO RELEASE FIRST-QUARTER 2003 RESULTS ON MAY 6, 2003
_____________
KING PHARMACEUTICALS – 3
{FILENAME}g82388exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
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EXHIBIT 99.1
NEWS RELEASE
[KING PHARMACEUTICALS LOGO]
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FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS PROVIDES FIRST-QUARTER 2003 PREVIEW
ANNOUNCES PLANS TO RELEASE FIRST-QUARTER 2003 RESULTS ON MAY 6, 2003
BRISTOL, TENNESSEE, April 25, 2003 - King
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King Pharmaceuticals, – PHARMACEUTICALS PROVIDES FIRST-QUARTER 2003 PREVIEW
ANNOUNCES PLANS TO RELEASE FIRST-QUARTER 2003 RESULTS ON MAY 6, 2003
BRISTOL, TENNESSEE, April 25, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company expects first-quarter 2003 total revenue,
Altace(R) net sales, and diluted earnings per
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KING PHARMACEUTICALS, – the indicated results
or events will not be realized.
###
Contact:
James E. Green, Executive Vice President, Corporate Affairs - 423-989-8125
EXECUTIVE OFFICES
KING PHARMACEUTICALS, INC. - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
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Preview
Full Doc
| 2003 |
King Pharmaceuticals Acquires Primary Care Business Unit from Elan
King Pharmaceuticals Acquires Primary Care Business Unit from Elan (15K)
Doc #281665: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g80411exv99w1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
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FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES
PRIMARY CARE BUSINESS UNIT FROM ELAN
ACQUISITION INCLUDES SONATA(R) AND SKELAXIN(R) AND
INCREASES KING'S PRIMARY CARE SALES FORCE BY NEARLY 70%
BRISTOL, TENNESSEE, January 30, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company and Elan Corporation, plc (NYSE:ELN) have
signed a definitive agreement for King to acquire Elan's primary care business
unit in the United States and Puerto Rico, which includes two branded
prescription pharmaceutical products, including rights to potential new
formulations of the products, together with Elan's experienced primary care
field sales force consisting of over 400 representatives. The products acquired
include Sonata(R) (zaleplon), a nonbenzodiazepine treatment for insomnia, and
Skelaxin(R) (metaxolone), a muscle relaxant, in the United States, its
territories and possessions, and the Commonwealth of Puerto Rico, and related
new drug applications, copyrights, patents, and licenses to certain patents
associated with potential new formulations of such products. As part of the
transaction, King will acquire certain intellectual property, regulatory, and
other assets relating to Sonata(R) directly from Wyeth Pharmaceuticals. The
total consideration paid by King at closing will equal $850 million. Net sales
of Sonata(R) and Skelaxin(R) in the United States and Puerto Rico totaled
approximately $238 million during 2002.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We
are extremely pleased to announce our acquisition of Elan's primary care
business which includes Sonata(R) and Skelaxin(R). The addition of Elan's
dedicated primary care field sales force of over 400 representatives to our
established sales and marketing capabilities should particularly well position
Sonata(R) for strong long-term growth and significantly enhance the Company's
ability to successfully promote and grow our other branded prescription
pharmaceutical products."
Sonata(R) is a nonbenzodiazepine short-acting treatment for insomnia, with most
patients experiencing the onset of sleep within ten to twenty minutes of taking
the drug. With a short half-life of approximately one hour and a four to five
hour duration of action, the product can be taken in the middle of the night
without residual side effects such as drowsiness, loss of memory, or impact on
psychomotor skills. Sonata(R) was developed by Wyeth and approved for marketing
in the United States in 1999. Sonata(R) has Hatch-Waxman exclusivity through
August 2004 and a composition of matter patent which the U.S. Patent and
Trademark Office is expected to extend through June 2008. Net sales of Sonata(R)
totaled approximately $93 million during 2002.
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In connection with the transaction, King and Elan have entered into a
Reformulation Agreement whereby Elan will continue its ongoing development of
new formulations of Sonata(R), including an extended release product. King will
reimburse Elan for costs incurred in connection with the formulation development
program for Sonata(R), and will pay Elan potential payments totaling over $70
million upon the successful attainment of certain significant development
milestones, including regulatory approval. Furthermore, King will pay Elan a
reasonable royalty on net sales of each new formulation of Sonata(R), plus a
potential one-time milestone payment of $15 million upon the achievement of a
specified net sales threshold.
Mr. Gregory commented, "With an excellent efficacy and safety profile, and as
one of only two approved nonbenzodiazepines for the treatment of insomnia, we
believe Sonata(R) provides King with a differentiated product in the
nonbenzodiazepine dominated insomnia market of approximately $2 billion, which
is experiencing continued strong growth. Moreover, with a composition-of-matter
patent expected to extend through June 2008, and the opportunity to potentially
develop a new improved formulation with patent protection through 2018, we
believe Sonata(R) provides King with another potential cornerstone product and a
significant opportunity to drive growth for this Company well into the next
decade."
Mr. Gregory continued, "Elan has made significant strides in the development of
new formulations of Sonata(R) utilizing their proprietary delivery technology.
Phase II clinical studies involving an extended release formulation of Sonata(R)
are expected to begin within a year. We believe the successful development of
such a formulation should potentially protect Sonata(R) from generic competition
beyond the expiration of the product's composition-of-matter patent and provide
Sonata(R) with additional long-term exclusivity."
Kyle P. Macione, President of King, added, "Our acquisition of Elan's primary
care field sales force represents a transformational event for our Company by
dramatically expanding our current number of sales representatives to a total of
over 1,200 individuals. This significantly enhances our existing, proven sales
and marketing capability and positions us to compete even more effectively in
the primary care marketplace. Moreover, this should allow us to more
aggressively expand the representation of our branded prescription
pharmaceutical products among primary care providers."
Skelaxin(R) is a muscle relaxant indicated for the relief of discomforts
associated with acute, painful musculoskeletal conditions and has a
method-of-use patent through December 2021 claiming increased bioavailability
when administered to a patient with food. The U.S. Food and Drug Administration
("FDA") approved in 2002 a supplemental New Drug Application ("sNDA") for
Skelaxin(R) recognizing the drug's increased bioavailability when taken with
food. Furthermore, the FDA has approved a citizen's petition requiring
Abbreviated New Drug Applications ("ANDA") for generic equivalents to
Skelaxin(R) to include in-vivo studies that evaluate the products' comparability
to Skelaxin(R) relative to food effects. Eon Labs and Corepharma LLC each
recently submitted to the FDA an ANDA for a generic equivalent to Skelaxin(R)
400mg, with each application including a paragraph IV certification pertaining
to the Skelaxin(R) method-of-use patent that does not expire until December
2021. Net sales of Skelaxin(R) totaled approximately $145 million during 2002.
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Mr. Macione said, "Skelaxin(R) is the only branded prescription pharmaceutical
product without a generic substitute in the muscle relaxant market. As such,
Skelaxin(R) is well positioned for growth as the product is promoted through the
same proven sales force that has achieved an impressive 26% growth in total
prescriptions during the twelve months ending September 30, 2002, as compared to
the same period of the prior year. Total prescriptions for Skelaxin equaled
approximately 4,805,000 during the twelve months ending September 30, 2002
according to NDC Health monthly prescription data." Mr. Macione further
commented, "King intends to continue to defend the Skelaxin(R) patent.
Furthermore, as part of this transaction, King and Elan plan to enter into an
agreement relating to new formulation development for Skelaxin(R)."
In connection with the transaction announced today, Elan will assign to King the
Supply Agreement relating to the supply of Sonata(R) to Elan by Wyeth. Under the
assigned Supply Agreement, Wyeth will supply King's requirements for Sonata(R)
until April 2010.
281665
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Elan
As referenced in this King Pharmaceuticals Acquires Primary Care Business Unit from Elan:
Elan Corp – PRIMARY CARE SALES FORCE BY NEARLY 70%
BRISTOL, TENNESSEE, January 30, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company and Elan Corp oration, plc (NYSE:ELN) have
signed a definitive agreement for King to acquire Elan's primary care business
unit in the United States
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King Pharma
As referenced in this King Pharmaceuticals Acquires Primary Care Business Unit from Elan:
(KING PHARMACEUTICALS – 3
{FILENAME}g80411exv99w1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES
PRIMARY CARE BUSINESS UNIT FROM ELAN
ACQUISITION INCLUDES SONATA(R) AND SKELAXIN(R) AND
INCREASES KING'
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KING PHARMACEUTICALS – RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES
PRIMARY CARE BUSINESS UNIT FROM ELAN
ACQUISITION INCLUDES SONATA(R) AND SKELAXIN(R) AND
INCREASES KING'S PRIMARY CARE SALES FORCE BY
_____________
King Pharmaceuticals, – ACQUISITION INCLUDES SONATA(R) AND SKELAXIN(R) AND
INCREASES KING'S PRIMARY CARE SALES FORCE BY NEARLY 70%
BRISTOL, TENNESSEE, January 30, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that the Company and Elan Corporation, plc (NYSE:ELN) have
signed a definitive agreement for King to
_____________
KING PHARMACEUTICALS
– that the
indicated results or events will not be realized.
# # #
Contact:
James E. Green, Vice President, Corporate Affairs
423-989-8125
EXECUTIVE OFFICES
KING PHARMACEUTICALS
501 FIFTH STREET, BRISTOL, TENNESSEE 37620
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Wyeth
As referenced in this King Pharmaceuticals Acquires Primary Care Business Unit from Elan:
Wyeth – such products. As part of the
transaction, King will acquire certain intellectual property, regulatory, and
other assets relating to Sonata(R) directly from Wyeth Pharmaceuticals. The
total consideration paid by King at closing will equal $850 million. Net sales
of Sonata(R) and Skelaxin(R) in the
_____________
Wyeth – of the night
without residual side effects such as drowsiness, loss of memory, or impact on
psychomotor skills. Sonata(R) was developed by Wyeth and approved for marketing
in the United States in 1999. Sonata(R) has Hatch-Waxman exclusivity through
August 2004 and a composition of
_____________
Wyeth. – with the transaction announced today, Elan will assign to King the
Supply Agreement relating to the supply of Sonata(R) to Elan by Wyeth. Under the
assigned Supply Agreement, Wyeth will supply King's requirements for Sonata(R)
until April 2010.
The transaction is expected to
_____________
Wyeth – will assign to King the
Supply Agreement relating to the supply of Sonata(R) to Elan by Wyeth. Under the
assigned Supply Agreement, Wyeth will supply King's requirements for Sonata(R)
until April 2010.
The transaction is expected to close before the end of April 2003,
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Wyeth – King's other branded
{PAGE}
prescription pharmaceutical products, statements pertaining to King's plan to
defend the Skelaxin(R) patent, statements pertaining to Wyeth supplying King's
requirements for Sonata(R) until April 2010, statements pertaining to the
planned closing of this transaction, and statements pertaining to
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| Full Doc
| 2003 |
Isis Pharmaceuticals Reports Third Quarter 2003 Highlights and Financial Results
Isis Pharmaceuticals Reports Third Quarter 2003 Highlights and Financial Results (13K)
Doc #282157: This document is immediately available for purchase, but does not have a preview available for viewing.
Contacts:
Elizabeth Hougen, Vice President, Finance
Karen Lundstedt, Vice President, Corporate Communications
Isis Pharmaceuticals, Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS THIRD QUARTER 2003 HIGHLIGHTS
AND FINANCIAL RESULTS
CARLSBAD, Calif., November 4, 2003 ? Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the third quarter of 2003. The company?s loss from operations was $19.1 million and $57.5 million for the three and nine months ended . . .
282157
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Elan
As referenced in this Isis Pharmaceuticals Reports Third Quarter 2003 Highlights and Financial Results:
Elan Corp – The decrease in revenue was primarily due to the reduction in revenue associated with the clinical development of Affinitak and the conclusion of Elan Corp oration plc.s participation in the HepaSense and Orasense collaborations. In late 2002, Isis terminated its collaborations with Elan and reacquired product rights
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Eli Lilly
As referenced in this Isis Pharmaceuticals Reports Third Quarter 2003 Highlights and Financial Results:
Eli Lilly – in the same nine month period of 2002, including the achievement of milestones in the discovery and development of drugs for our partners Eli Lilly and Company and Amgen.
Expenses
As illustrated in the Selected Financial Information in this press release, operating expenses on a proforma basis for
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ISIS Pharma
As referenced in this Isis Pharmaceuticals Reports Third Quarter 2003 Highlights and Financial Results:
Isis Pharmaceuticals, – 1 3 a03-4754_1ex99d1.htm EX-99.1
Exhibit 99.1
Contacts:
Elizabeth Hougen, Vice President, Finance
Karen Lundstedt, Vice President, Corporate Communications
Isis Pharmaceuticals, Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS THIRD QUARTER 2003 HIGHLIGHTS
AND FINANCIAL RESULTS
CARLSBAD, Calif., November 4,
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ISIS PHARMACEUTICALS – 1
Contacts:
Elizabeth Hougen, Vice President, Finance
Karen Lundstedt, Vice President, Corporate Communications
Isis Pharmaceuticals, Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS THIRD QUARTER 2003 HIGHLIGHTS
AND FINANCIAL RESULTS
CARLSBAD, Calif., November 4, 2003 Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results
_____________
Isis Pharmaceuticals, – Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS THIRD QUARTER 2003 HIGHLIGHTS
AND FINANCIAL RESULTS
CARLSBAD, Calif., November 4, 2003 Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the third quarter of 2003. The companys loss from operations was $19.1
_____________
Isis Pharmaceuticals, – Internet go to http://www.isispharm.com . A replay of the webcast will be available at this address for up to 30 days.
Isis Pharmaceuticals, Inc., is exploiting its expertise in RNA to discover and develop novel human therapeutic drugs. The company has successfully commercialized the worlds
_____________
Isis Pharmaceuticals, – about Isis is available at www.isispharm.com
This press release contains forward-looking statements concerning the financial position and clinical goals of Isis Pharmaceuticals, Inc., the planned development activities and therapeutic potential for our products in our pipeline, and the potential value of the companys functional
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| Full Doc
| 2003 |
Isis Pharmaceuticals Reports Second Quarter 2003 Highlights and Financial Results
Isis Pharmaceuticals Reports Second Quarter 2003 Highlights and Financial Results (16K)
Doc #282163: This document is immediately available for purchase, but does not have a preview available for viewing.
Contacts:
Elizabeth Hougen, Vice President, Finance
Karen Lundstedt, Vice President, Corporate Communications
Isis Pharmaceuticals, Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS SECOND QUARTER 2003 HIGHLIGHTS AND FINANCIAL RESULTS
CARLSBAD, Calif., August 5, 2003 ? Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the second quarter of 2003. The company?s loss from operations was $19.5 million and $38.4 million for the three and six . . .
282163
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Elan
As referenced in this Isis Pharmaceuticals Reports Second Quarter 2003 Highlights and Financial Results:
Elan Corp – The decrease in revenue was primarily due to the reduction in revenue associated with the clinical development of Affinitak and the conclusion of Elan Corp oration plc.s participation in the HepaSense and Orasense collaborations. In late 2002, Isis terminated its collaborations with Elan and reacquired product rights
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Eli Lilly
As referenced in this Isis Pharmaceuticals Reports Second Quarter 2003 Highlights and Financial Results:
Eli Lilly – the achievement in April 2003 of a milestone in the development of the anticancer drug ISIS 23722 from Isis drug discovery collaboration with Eli Lilly and Company, the addition of new GeneTrove relationships in late 2002 and early 2003 and the achievement of a second milestone in February
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Eli Lilly – Vitravene is a registered trademark of Novartis AG. GeneTrove and Ibis Therapeutics are trademarks of Isis Pharmaceuticals, Inc. Affinitak is a trademark of Eli Lilly and Company.
Financial Data to Follow
4
ISIS PHARMACEUTICALS, INC.
SELECTED FINANCIAL INFORMATION
(In Thousands, Except Per Share Data)
Condensed Statements of Operations
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ISIS Pharma
As referenced in this Isis Pharmaceuticals Reports Second Quarter 2003 Highlights and Financial Results:
Isis Pharmaceuticals, – 1 3 a03-1839_1ex991.htm EX-99.1
Exhibit 99.1
Contacts:
Elizabeth Hougen, Vice President, Finance
Karen Lundstedt, Vice President, Corporate Communications
Isis Pharmaceuticals, Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS SECOND QUARTER 2003 HIGHLIGHTS AND FINANCIAL RESULTS
CARLSBAD, Calif., August 5,
_____________
ISIS PHARMACEUTICALS – 1
Contacts:
Elizabeth Hougen, Vice President, Finance
Karen Lundstedt, Vice President, Corporate Communications
Isis Pharmaceuticals, Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS SECOND QUARTER 2003 HIGHLIGHTS AND FINANCIAL RESULTS
CARLSBAD, Calif., August 5, 2003 Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results
_____________
Isis Pharmaceuticals, – Inc. 760-931-9200
http://www.isispharm.com
ISIS PHARMACEUTICALS REPORTS SECOND QUARTER 2003 HIGHLIGHTS AND FINANCIAL RESULTS
CARLSBAD, Calif., August 5, 2003 Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the second quarter of 2003. The companys loss from operations was $19.5
_____________
Isis Pharmaceuticals, – to www.firstcallevents.com/service/ajwz386662695gf12.html . A replay of the webcast will be available at this address for up to 30 days.
Isis Pharmaceuticals, Inc. is exploiting its expertise in RNA to discover and develop novel human therapeutic drugs. The company has commercialized its first product,
_____________
Isis Pharmaceuticals, – about Isis is available at www.isispharm.com .
This press release contains forward-looking statements concerning the financial position and clinical goals of Isis Pharmaceuticals, Inc., the planned development activities and therapeutic potential for products in the companys pipeline, and the potential value of the companys functional
_____________
dt 219608
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