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Full Doc
 | 2000 |
King Pharmaceuticals Announces Management Appointments Following Merger with Jones Pharma
King Pharmaceuticals Announces Management Appointments Following Merger with Jones Pharma (4K)
Doc #281731: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.0
{SEQUENCE}2
{FILENAME}g64176ex99-0.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE} 1
EXHIBIT 99.0
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES MANAGEMENT APPOINTMENTS
FOLLOWING MERGER WITH JONES PHARMA
BRISTOL, TN, September 12, 2000 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that James R. Lattanzi will join King, effective October 1, 2000, as Chief
Financial Officer. Mr. Lattanzi will fill the position being vacated by Brian G.
Shrader who will assume the position of Treasurer of King.
Mr. Lattanzi, a Certified Public Accountant, comes to King from
PricewaterhouseCoopers LLP ("PWC") where he served as managing partner of PWC's
Greensboro, North Carolina office. His extensive career in public accounting
spans approximately 24 years during which he has served as a partner in other
PWC (and its predecessor Coopers & Lybrand, LLP) offices in New York, New York,
and Pittsburgh, Pennsylvania. During his tenure as managing partner of the
Greensboro office, Mr. Lattanzi served primarily public companies in the
consumer products and pharmaceutical industries. Additionally, while at PWC, he
was involved with numerous initial public offerings, and he served companies
with significant international operations, including Fortune 500 companies. Mr.
Lattanzi is a licensed Certified Public Accountant in 4 states and a member of
the American Institute of Certified Public Accountants.
John M. Gregory, Chairman and Chief Executive Officer of King, stated, "We are
delighted that Jim Lattanzi is joining King Pharmaceuticals. His reputation of
high integrity and his vast experience in public accounting should prove
valuable assets to the Company." Mr. Gregory added, "King greatly appreciates
the tremendous contribution of Brian Shrader who has served as Chief Financial
Officer since the Company's inception, and we look forward to his continuing
significant involvement as Treasurer of King."
King announced also that Richard C. Williams has been appointed as an operating
officer of King in the position of Vice Chairman, Strategic Planning. Mr.
Williams is currently a member of the Board of Directors of King, and he
presently serves as President of Conner-Thoele Limited, a consulting and
financial advisory firm specializing in the healthcare and pharmaceutical
industries. He serves also as a director of Immunomedics, Inc., a public
biopharmaceutical and therapeutic company, and a director of Centaur, Inc., a
private equine diagnostics company. Mr. Williams served previously as Chairman
of Medco Research, Inc., prior to King's acquisition of Medco during February
2000. Prior to founding Conner-Thoele in 1989, Mr. Williams served as Vice
President-Finance and Chief Financial Officer of Erbamont N.V., a multi-national
ethical pharmaceutical company, and held executive and officer positions with
Field Enterprises, Inc., Abbott Laboratories, UNC Resources, and American
Hospital Supply Corporation.
(MORE)
{PAGE} 2
Additionally, King announced that John P. McCoy has been appointed as Executive
Vice President and General Manager of King's Bristol facility. Mr. McCoy
presently serves King as Executive Vice President of Quality. Prior to joining
King, Mr. McCoy held various management positions with Connaught Laboratories
and McNeil Pharmaceuticals during his 29 year career in the pharmaceutical
industry. Mr. McCoy will fill the position being vacated by James E. Gregory who
has decided to resign to pursue personal goals.
"The experience and capabilities of these management appointees will add to the
depth of King's already strong management team," further commented John M.
Gregory.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that manufactures, markets, and sells primarily branded
prescription pharmaceutical products. King seeks to capitalize on niche
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.
# # #
Contact: Kyle P. Macione, Executive Vice President, Corporate Affairs
423-989-8077
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
281731
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King Pharma
As referenced in this King Pharmaceuticals Announces Management Appointments Following Merger with Jones Pharma:
KING PHARMACEUTICALS – RELEASE
{TEXT}
{PAGE} 1
EXHIBIT 99.0
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES MANAGEMENT APPOINTMENTS
FOLLOWING MERGER WITH JONES PHARMA
BRISTOL, TN, September 12, 2000 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that James R.
_____________
King Pharmaceuticals, – A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES MANAGEMENT APPOINTMENTS
FOLLOWING MERGER WITH JONES PHARMA
BRISTOL, TN, September 12, 2000 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that James R. Lattanzi will join King, effective October 1, 2000, as Chief
Financial Officer. Mr. Lattanzi
_____________
King Pharmaceuticals. – of Certified Public Accountants.
John M. Gregory, Chairman and Chief Executive Officer of King, stated, "We are
delighted that Jim Lattanzi is joining King Pharmaceuticals. His reputation of
high integrity and his vast experience in public accounting should prove
valuable assets to the Company." Mr. Gregory added, "
_____________
KING PHARMACEUTICALS – promotion and marketing and through product life cycle
management.
# # #
Contact: Kyle P. Macione, Executive Vice President, Corporate Affairs
423-989-8077
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
_____________
dt 221536
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Immunomedics
As referenced in this King Pharmaceuticals Announces Management Appointments Following Merger with Jones Pharma:
Immunomedics, – Conner-Thoele Limited, a consulting and
financial advisory firm specializing in the healthcare and pharmaceutical
industries. He serves also as a director of Immunomedics, Inc., a public
biopharmaceutical and therapeutic company, and a director of Centaur, Inc., a
private equine diagnostics company. Mr. Williams served previously
_____________
dt 219554
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Full Doc
| 2000 |
Shareholders Approve Merger of King Pharmaceuticals and Jones Pharma Incorporated
Shareholders Approve Merger of King Pharmaceuticals and Jones Pharma Incorporated (7K)
Doc #281736: Click preview link for longer preview.
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
SHAREHOLDERS APPROVE MERGER OF
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
BRISTOL, TN and ST. LOUIS, MO, August 31, 2000 - King Pharmaceuticals, Inc.
(NYSE:KG) and Jones Pharma Incorporated (NASDAQ:JMED) announced that both the
shareholders of King and the shareholders of Jones approved today the previously
announced proposed merger of the two companies in a stock-for-stock transaction.
The transaction is expected to be accounted for as a tax-free pooling of
interests. The companies expect to complete the merger today by the close of
business.
Under the terms of the agreement, Jones shareholders will receive 1.125 shares
of King common stock in exchange for each share of Jones common stock.
John M. Gregory, Chairman and Chief Executive Officer of King, stated, "King is
pleased to report the shareholders' approval today of our merger with Jones, and
we are excited about the potential opportunities created by this excellent
business combination. The merger will provide King with a more diversified
portfolio of branded pharmaceutical products with the addition of Jones'
Levoxyl(R), Thrombin-JMI(R), and Cytomel(R) and a combined sales force of over
400 representatives providing potential synergies in the expanded marketing of
our products." Mr. Gregory added, "The significantly greater market
capitalization and the potential substantial reduction in the Company's
outstanding debt resulting from the merger will better position King for the
continued successful execution of our growth strategies."
281736
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King Pharma
As referenced in this Shareholders Approve Merger of King Pharmaceuticals and Jones Pharma Incorporated:
KING PHARMACEUTICALS – 1
EXHIBIT 99
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
SHAREHOLDERS APPROVE MERGER OF
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
BRISTOL, TN and ST. LOUIS, MO, August 31, 2000 - King Pharmaceuticals, Inc.
(NYSE:KG) and Jones Pharma Incorporated (NASDAQ:
_____________
King Pharmaceuticals, – LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
SHAREHOLDERS APPROVE MERGER OF
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
BRISTOL, TN and ST. LOUIS, MO, August 31, 2000 - King Pharmaceuticals, Inc.
(NYSE:KG) and Jones Pharma Incorporated (NASDAQ:JMED) announced that both the
shareholders of King and the shareholders of Jones approved
_____________
KING PHARMACEUTICALS – Vice President
314-576-6100
{PAGE} 3
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES
PREVIOUSLY ANNOUNCED MERGER WITH JONES PHARMA
BRISTOL, TENNESSEE, August 31, 2000 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that it has completed
_____________
King Pharmaceuticals, – E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES
PREVIOUSLY ANNOUNCED MERGER WITH JONES PHARMA
BRISTOL, TENNESSEE, August 31, 2000 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that it has completed the previously announced merger with Jones
Pharma Incorporated (NASDAQ:JMED) in a stock-
_____________
dt 221541
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Full Doc
| 2000 |
King Pharmaceuticals and Jones Pharma Incorporated Schedule Special Shareholder Meetings for August 31, 2000
King Pharmaceuticals and Jones Pharma Incorporated Schedule Special Shareholder Meetings for August 31, 2000 (11K)
Doc #281739: Click preview link for longer preview.
{DOCUMENT}
{TYPE}425
{SEQUENCE}1
{FILENAME}e425.txt
{DESCRIPTION}KING PHARMACEUTICALS, INC.
{TEXT}
{PAGE} 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities and Exchange Act of 1933
Commission File No.: 001-15875
Subject Company: JONES PHARMA INCORPORATED
THE FOLLOWING PRESS RELEASE WAS DISSEMINATED BY KING PHARMACEUTICALS, INC. AND
JONES PHARMA INCORPORATED ON AUGUST 3, 2000.
{PAGE} 2
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
SCHEDULE SPECIAL SHAREHOLDER MEETINGS FOR AUGUST 31, 2000
BRISTOL, TENNESSEE and ST. LOUIS, MISSOURI, August 3, 2000 - King
Pharmaceuticals, Inc. (NYSE:KG) and Jones Pharma Incorporated (NASDAQ:JMED)
announced today that each company has scheduled a special meeting of
shareholders related to the previously announced merger of the two companies in
a stock-for-stock transaction. The record date is August 10, 2000, for
determining shareholders eligible to vote at both King's and Jones' special
meeting of shareholders.
King will hold its special meeting of shareholders at 10:00 a.m. on Thursday,
August 31, 2000, at The New York Palace Hotel, 455 Madison Avenue, New York, New
York.
Jones' special meeting of shareholders will be held at 10:00 a.m. on Thursday,
August 31, 2000, at The St. Regis Hotel, 2 East 55th Street, New York, New York.
The merger represents the combination of two premier specialty pharmaceutical
companies and results in a company with a diversified therapeutic portfolio of
branded prescription pharmaceutical products. Under the terms of the agreement,
which has been approved by the boards of directors of both companies, holders of
Jones common stock will be entitled to receive 1.125 shares of King common stock
in exchange for each share of Jones common stock. The transaction is expected to
be accounted for as a tax-free pooling of interests transaction. Closing of the
transaction is subject to approval by the holders of a majority of the
outstanding common stock of King and Jones, appropriate governmental approval,
and other customary conditions.
John M. Gregory, Chairman and Chief Executive Officer of King, stated, "We
continue to move forward toward completion of our proposed merger with Jones
which we believe is a beneficial transaction for the shareholders of both
companies. The proposed merger will provide King with a more diversified
portfolio of branded pharmaceutical products with growth potential and a
combined sales force of over 400 representatives providing potential synergies
in the expanded marketing of our products." Mr. Gregory added, "Moreover, Jones
continues its successful track record of revenue and earnings growth as
evidenced by Jones' recently reported 77% increase in diluted earnings per share
to 30 cents and 65% increase in sales revenue to $51.6 million for the second
quarter of 2000, as compared to the second quarter of 1999."
Jones Pharma Incorporated, founded in 1981, is an emerging specialty
pharmaceutical company with a national sales force of 123 dedicated sales
representatives who promote Jones' products throughout the United States. Jones'
strategy has been to build a portfolio of growing products
(MORE)
{PAGE} 3
through the acquisition of under-promoted, promotion sensitive FDA approved
products from other pharmaceutical companies. About half of Jones' sales are
generated by the thyroid-disorder drugs Levoxyl(R), Tapazole(R), Triostat(R),
and Cytomel(R). Jones' other products include Thrombin-JMI(R) for controlling
blood loss during surgery; Brevital Sodium(R), an anesthetic; and veterinary
pharmaceuticals, Soloxine(R), Tussigon(R), and Pancrezyme(R). In early 2000,
Jones' 574% ten-year sales growth and 1,633% ten-year earnings growth were
recognized by the Wall Street Journal's Fifth Annual Shareholder Scoreboard.
Jones was ranked number one in ten-year shareholder return when compared to its
peers within the pharmaceutical sector. When compared to America's top 1,000
companies in 76 industries, Jones Pharma was ranked 23rd in five-year
shareholder return. In addition, Jones was named by Forbes in November 1999 as
one of the "200 Best Small Companies in America" for seven of the last ten
years.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that manufactures, markets, and sells primarily branded
prescription pharmaceutical products. King seeks to capitalize on niche
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 may contain forward-looking statements which reflect management's
current views of future events and operations. 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: the ability of King and Jones to
consummate the contemplated merger described above, including approval by the
shareholders of both King and Jones, management of King's growth and integration
of its acquisitions, specifically including, but not limited to, the
contemplated merger, the ability of King to realize potential synergies from the
contemplated merger, significant leverage and debt service requirements of King,
dependence on King's ability to continue to acquire branded products, dependence
on sales of King's products, the high cost and uncertainty of research, clinical
trials, and other development activities involving pharmaceutical products, and
the unpredictability of the duration and results of the U.S. Food and Drug
Administration's review of New Drug Applications and other filings and/or the
review of other regulatory agencies worldwide. Other important factors which may
cause results to differ materially from the forward-looking statements are
discussed in various sections of King's and Jones' latest Form 10-K and other
filings with the Securities and Exchange Commission, including King's Form S-4
as filed with the Securities and Exchange Commission on July 28, 2000. 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.
# # #
Contacts:
KING: Kyle P. Macione, Executive Vice President, Corporate Affairs
423-989-8077
JONES: Michael T. Bramblett, Executive Vice President
314-576-6100
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{PAGE} 4
281739
|
King Pharma
As referenced in this King Pharmaceuticals and Jones Pharma Incorporated Schedule Special Shareholder Meetings for August 31, 2000:
}KING PHARMACEUTICALS, – {DOCUMENT}
{TYPE}425
{SEQUENCE}1
{FILENAME}e425.txt
{DESCRIPTION}KING PHARMACEUTICALS, INC.
{TEXT}
{PAGE} 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities and Exchange Act of 1933
Commission
_____________
King Pharmaceuticals, – {DOCUMENT}
{TYPE}425
{SEQUENCE}1
{FILENAME}e425.txt
{DESCRIPTION}KING PHARMACEUTICALS, INC.
{TEXT}
{PAGE} 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities and Exchange Act of 1933
Commission File No.: 001-15875
Subject Company: JONES PHARMA
_____________
KING PHARMACEUTICALS, – Securities and Exchange Act of 1933
Commission File No.: 001-15875
Subject Company: JONES PHARMA INCORPORATED
THE FOLLOWING PRESS RELEASE WAS DISSEMINATED BY KING PHARMACEUTICALS, INC. AND
JONES PHARMA INCORPORATED ON AUGUST 3, 2000.
{PAGE} 2
N E W S R E L E A S E
[
_____________
[KING PHARMACEUTICALS – PHARMACEUTICALS, INC. AND
JONES PHARMA INCORPORATED ON AUGUST 3, 2000.
{PAGE} 2
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
SCHEDULE SPECIAL SHAREHOLDER MEETINGS FOR AUGUST 31, 2000
BRISTOL, TENNESSEE and ST. LOUIS,
_____________
KING PHARMACEUTICALS – ON AUGUST 3, 2000.
{PAGE} 2
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
SCHEDULE SPECIAL SHAREHOLDER MEETINGS FOR AUGUST 31, 2000
BRISTOL, TENNESSEE and ST. LOUIS, MISSOURI, August 3, 2000 - King
Pharmaceuticals,
_____________
dt 221544
;
| Jones Pharma Incorporated
|
Preview
Full Doc
| 2000 |
King Pharmaceuticals and Jones Pharma Incorporated Announce Merger
King Pharmaceuticals and Jones Pharma Incorporated Announce Merger (15K)
Doc #281753: Click preview link for longer preview.
{DOCUMENT}
{TYPE}425
{SEQUENCE}1
{FILENAME}e425.txt
{DESCRIPTION}KING PHARMACEUTICALS INC
{TEXT}
{PAGE} 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Commission File No.: 001-15875
Subject Company: King Pharmaceuticals, Inc.
THE FOLLOWING PRESS RELEASE WAS DISSEMINATED BY KING PHARMACEUTICALS,
INC. ON JULY 13, 2000
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
ANNOUNCE MERGER
BRISTOL, TENNESSEE and ST. LOUIS, MISSOURI, July 13, 2000 - King
Pharmaceuticals, Inc. (NYSE:KG) and Jones Pharma Incorporated (NASDAQ:JMED)
announced today that they have entered into a definitive agreement to merge the
two companies in a stock-for-stock transaction. The merger represents the
combination of two of the premier specialty pharmaceutical companies and results
in a company with a diversified therapeutic portfolio with multiple, rapidly
growing products. King expects the transaction to be accreative to earnings
immediately upon closing, excluding any non-recurring transaction expenses, and
will add approximately 3% to 4% to projected earnings per share for 2001.
Following completion of the transaction, the new company will have a combined
sales force of over 400 representatives, $552.6 million pro forma revenues for
the most recent preceding 12 month period, and an enterprise value of
approximately $7.8 billion.
Under the terms of the agreement, which has been approved by the boards of
directors of both companies, holders of Jones common stock will be entitled to
receive 1.125 shares of King common stock in exchange for each share of Jones
common stock. Based on the closing price of King common stock on July 12, 2000,
the merger values each share of Jones common stock at approximately $51.12, or
approximately $3.4 billion, providing a premium of approximately 38% over the
trailing 30 calendar day average closing price per share of Jones common stock.
Jones common stock closed at $43.75 per share on July 12, 2000. Following the
completion of the merger, Mr. Andrew Franz, Chief Operating Officer of Jones,
will be joining King's board of directors, and will become President and CEO of
Jones, as a wholly owned subsidiary of King. The transaction is expected to be
accounted for as a tax-free pooling of interests transaction. Closing of the
transaction is subject to approval by the holders of a majority of the
outstanding common stock of King and Jones, appropriate governmental approval,
and other customary conditions, and is expected to be completed before the end
of 2000.
John M. Gregory, Chairman and Chief Executive Officer of King, stated, "The
merger of King and Jones will provide an excellent business combination that
will rapidly position King as one of the largest specialty pharmaceutical
companies with an estimated combined market capitalization of over $7 billion.
The merger will provide King with a more diversified portfolio of branded
pharmaceutical products with the addition of Jones' Levoxyl(R), Thrombin-JMI(R),
and Cytomel(R) such that the Company's key therapeutic categories will be
cardiovascular, anti-infectives, endocrinology, and women's health. Moreover,
King's sales force will increase to over 400 representatives which will provide
potential synergies in the expanded marketing of our products." Mr. Gregory
added, "The significantly greater market capitalization and the potential
(MORE)
{PAGE} 2
substantial reduction in the Company's outstanding debt resulting from the
contemplated merger will better position King for the continued execution of our
plan to strategically acquire branded pharmaceutical products and companies,
while continuing to grow our current products through focused promotion and
marketing."
Dennis M. Jones, Chairman and Chief Executive Officer of Jones, said, "Following
an exciting 19-year history of growth, a merger with King presents an exciting
opportunity for Jones Pharma's shareholders and associates. It provides us with
a 45% stake in a fully integrated specialty pharmaceutical company with a
promising R&D pipeline and an outstanding marketing capability. This merger will
allow us to take advantage of a combined sales and marketing infrastructure of
over 400 sales people and to increase the marketing efforts of our products,
particularly with general practitioners and family practitioners. I am also
excited about this transaction because of my confidence in King and its
management team. Mr. John Gregory is a very bright, energetic young
entrepreneur. He has built one of the leading emerging pharmaceutical companies,
in just a few short years. This fact gives me confidence in his ability to
continue King's rapid growth, not to mention their Altace(R) news released on
May 1, 2000, reporting on the FDA's Cardio-Renal Drugs Advisory Committee
unanimously recommending the approval of Altace(R) for additional indications
after the HOPE Study data was submitted."
Mr. Jones further commented, "After 36 enjoyable years in the pharmaceutical
industry, I believe it is time for Judy and me to step down. However, I plan on
enthusiastically remaining with the combined Company as a consultant and
significant shareholder. Further, Jones' strong management team, including
Andrew Franz and Mike Bramblett, will be assuming executive positions in the
combined Company and will be in a position of continuing to make significant
contributions."
Jones Pharma Incorporated, founded in 1981, is an emerging specialty
pharmaceutical company with a national sales force of 123 dedicated sales
representatives who promote Jones' products throughout the United States. Jones'
strategy has been to build a portfolio of growing products through the
acquisition of under-promoted, promotion sensitive FDA approved products from
other pharmaceutical companies. About half of Jones' sales are generated by the
thyroid-disorder drugs Levoxyl(R), Tapazole(R), Triostat(R), and Cytomel(R).
Jones' other products include Thrombin-JMI(R) for controlling blood loss during
surgery; Brevital Sodium(R), an anesthetic; and veterinary pharmaceuticals,
Soloxine(R), Tussigon(R), and Pancrezyme(R). In early 2000, Jones' 574% ten-year
sales growth and 1,633% ten-year earnings growth were recognized by the Wall
Street Journal's Fifth Annual Shareholder Scoreboard. Jones was ranked number
one in ten-year shareholder return when compared to its peers within the
pharmaceutical sector. When compared to America's top 1,000 companies in 76
industries, Jones Pharma was ranked 23rd in five-year shareholder return. In
addition, Jones was named by Forbes in November 1999 as one of the "200 Best
Small Companies in America" for seven of the last ten years.
(MORE)
{PAGE} 3
In the event the merger is terminated by either company, King and Jones have
agreed that, in certain circumstances, a $100 million cash termination fee will
be paid by the terminating party. Jones may elect not to proceed with the
transaction if the average closing price of King common stock falls below $29.33
per share, unless King elects to increase the exchange ratio to a number equal
to the average trading price divided by $33.00 per share. For purposes of the
foregoing, the "average trading price" will be computed by taking the
volume-weighted average sales price per share as reported on the New York Stock
Exchange during the twenty (20) consecutive trading days ending with and
including the sixth trading day immediately preceding Jones' shareholders
meeting.
281753
|
King Pharma
As referenced in this King Pharmaceuticals and Jones Pharma Incorporated Announce Merger:
}KING PHARMACEUTICALS – {DOCUMENT}
{TYPE}425
{SEQUENCE}1
{FILENAME}e425.txt
{DESCRIPTION}KING PHARMACEUTICALS INC
{TEXT}
{PAGE} 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Commission File No.: 001-
_____________
King Pharmaceuticals, – {DOCUMENT}
{TYPE}425
{SEQUENCE}1
{FILENAME}e425.txt
{DESCRIPTION}KING PHARMACEUTICALS INC
{TEXT}
{PAGE} 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Commission File No.: 001-15875
Subject Company: King Pharmaceuticals, Inc.
THE
_____________
King Pharmaceuticals, – 1
Filed by King Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Commission File No.: 001-15875
Subject Company: King Pharmaceuticals, Inc.
THE FOLLOWING PRESS RELEASE WAS DISSEMINATED BY KING PHARMACEUTICALS,
INC. ON JULY 13, 2000
N E W S R E L
_____________
KING PHARMACEUTICALS, – under the Securities Act of 1933
Commission File No.: 001-15875
Subject Company: King Pharmaceuticals, Inc.
THE FOLLOWING PRESS RELEASE WAS DISSEMINATED BY KING PHARMACEUTICALS,
INC. ON JULY 13, 2000
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
_____________
[KING PHARMACEUTICALS – PRESS RELEASE WAS DISSEMINATED BY KING PHARMACEUTICALS,
INC. ON JULY 13, 2000
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS AND JONES PHARMA INCORPORATED
ANNOUNCE MERGER
BRISTOL, TENNESSEE and ST. LOUIS, MISSOURI, July 13, 2000 - King
Pharmaceuticals,
_____________
dt 221557
;
| Jones Pharma Incorporated
|
Preview
Full Doc
| 2001 |
King Pharmaceuticals Reports Solid Revenue Growth for Third Quarter 2001 of 39% to $230.1 Million and Diluted Earnings per Share Growth of 33% to $0.28 Excluding Special Charges
King Pharmaceuticals Reports Solid Revenue Growth for Third Quarter 2001 of 39% to $230.1 Million and Diluted Earnings per Share Growth of 33% to $0.28 Excluding Special Charges (31K)
Doc #281684: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g72455aex99-1.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 REPORTS SOLID REVENUE GROWTH FOR
THIRD QUARTER 2001 OF 39% TO $230.1 MILLION AND
DILUTED EARNINGS PER SHARE GROWTH OF 33% TO $0.28,
EXCLUDING SPECIAL CHARGES
BRISTOL, TENNESSEE, October 29, 2001 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that net earnings equaled $64.8 million for the third quarter
ending September 30, 2001, an increase of 38% over the third quarter of last
year, excluding special charges. For the nine months ending September 30, 2001,
net earnings equaled $166.4 million, an increase of 52% over the same period of
2000, excluding special charges.
Diluted earnings per share was $0.28 for the third quarter of 2001, up 33% from
$0.21 for the third quarter of 2000, excluding special charges. Diluted earnings
per share increased 44% to $0.72 for the nine months ending September 30, 2001,
compared to $0.50 for the same period of 2000, excluding special charges. All
earnings per share data reflects the Company's four for three stock split
distributed on July 19, 2001.
King recorded special charges totaling $5.3 million during the third quarter
ending September 30, 2001. Specifically, King recorded merger and restructuring
costs of $3.3 million related to the further integration of Jones Pharma
Incorporated ("Jones"). King merged with Jones in August 2000 in a tax-free
pooling of interests transaction. Other special charges incurred during the
third quarter 2001 relate to the write-off of obsolete Levoxyl(R) (levothyroxine
sodium tablets, USP) inventory. The U.S. Food and Drug Administration ("FDA")
approved the new drug application ("NDA") for a new formulation of Levoxyl on
May 25, 2001. Pursuant to FDA guidance, King may distribute only the FDA
approved new formulation of Levoxyl(R) after August 14, 2001.
During the third quarter of 2000, King recorded special charges totaling $96.2
million. Specifically, King recorded merger and restructuring costs related to
King's merger with Jones, restructuring and nonrecurring charges related to the
Company's decision to discontinue Fluogen(R) (Influenza Virus Vaccine,
Trivalent, Types A and B) and the Company's decision to discontinue development
of Pallacor(TM), and an extraordinary charge related to the write-off of
financing costs resulting from the repayment of debt. Additionally, during the
six months ending June 30, 2000, King recorded extraordinary charges related to
the write-off of financing costs resulting from the repayment of debt under
King's senior credit facility, and merger and restructuring costs related to
King's merger with Medco Research, Inc., since renamed King Pharmaceuticals
Research and Development, Inc., in a tax-free pooling of interests transaction.
Including special charges, net earnings and diluted earnings per share during
the third quarter of 2001 totaled $61.5 million and $0.27, respectively.
Likewise, including special charges, net earnings totaled $162.5 million and
diluted earnings per share equaled $0.70 during the first nine months of 2001.
Revenues totaled $230.1 million for the third quarter ending September 30, 2001,
a 39% increase over the third quarter of 2000, and $617.9 million for the nine
months ending September 30, 2001, a 39% increase over the same period of the
prior year.
(more)
{PAGE}
The increase in third quarter revenues and net earnings is attributable
primarily to the sales growth of a variety of the Company's branded
pharmaceutical products, including, in particular, Altace(R) (ramipril) and
Levoxyl(R). King's branded pharmaceutical products are marketed primarily by its
wholly owned subsidiary, Monarch Pharmaceuticals, Inc.
Net revenue from branded pharmaceuticals, including royalty income, totaled
$223.1 million for the third quarter of 2001, a 46% increase over the third
quarter of 2000. For the third quarter ending September 30, 2001, revenue from
contract manufacturing equaled $6.3 million, while remaining revenue, comprised
primarily of generic sales, totaled $702 thousand.
Altace(R) net sales grew to $76.2 million in the third quarter of 2001,
exceeding our projected range, a 51% increase over the third quarter of 2000.
Altace(R) new prescriptions totaled approximately 628,000 and total
prescriptions equaled approximately 1,849,000 during the third quarter of 2001,
increases of 65.3% and 65.1% respectively, over the third quarter of 2000,
according to IMS America monthly prescription data.
Levoxyl(R) net sales grew to $27.1 million in the third quarter of 2001, a 65%
increase over the third quarter of 2000.
Net sales of Thrombin-JMI(R) totaled $16.6 million in the third quarter of 2001,
a 39% increase from $11.9 million in the third quarter of the prior year.
Lorabid(R) (loracarbef) net sales totaled $6.1 million in the third quarter of
2001.
Royalty revenues from Adenoscan(R) (adenosine) and Adenocard(R) (adenosine)
totaled $11.6 million in the third quarter of 2001, a 26% increase from $9.2
million in the third quarter of the prior year.
Net cash provided by operating activities equaled $76.4 million for the third
quarter ending September 30, 2001. As of September 30, 2001, cash and cash
equivalents totaled approximately $20 million. James R. Lattanzi, Chief
Financial Officer of King, explained, "Cash on hand was reduced during the third
quarter 2001 to finance King's acquisition of three branded pharmaceutical
products, along with another fully paid license for a fourth product, from
Bristol-Myers Squibb Company on August 8, 2001. Total consideration paid by King
to Bristol-Myers Squibb for the four branded pharmaceutical products equaled
$285 million."
King has revised upward projected ranges for estimated net sales of Altace(R),
estimated total revenue, and estimated diluted earnings per share, for year-end
2001 to reflect actual results for the third quarter of 2001 as follows (dollars
in millions, except EPS):
{TABLE}
{CAPTION}
--------------------------------------------------
YEAR-END 2001
-------------
--------------------------------------------------
{S} {C}
Altace(R) net sales $279 - 284
--------------------------------------------------
Revenue $865 - 875
--------------------------------------------------
Diluted EPS $1.01 - 1.02
(excluding special charges)
--------------------------------------------------
{/TABLE}
281684
|
King Pharma
As referenced in this King Pharmaceuticals Reports Solid Revenue Growth for Third Quarter 2001 of 39% to $230.1 Million and Diluted Earnings per Share Growth of 33% to $0.28 Excluding Special Charges:
(KING PHARMACEUTICALS – FILENAME}g72455aex99-1.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 REPORTS SOLID REVENUE GROWTH FOR
THIRD QUARTER 2001 OF 39% TO $230.1 MILLION AND
DILUTED EARNINGS
_____________
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 REPORTS SOLID REVENUE GROWTH FOR
THIRD QUARTER 2001 OF 39% TO $230.1 MILLION AND
DILUTED EARNINGS PER SHARE GROWTH OF 33% TO $
_____________
King Pharmaceuticals, – TO $230.1 MILLION AND
DILUTED EARNINGS PER SHARE GROWTH OF 33% TO $0.28,
EXCLUDING SPECIAL CHARGES
BRISTOL, TENNESSEE, October 29, 2001 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today that net earnings equaled $64.8 million for the third quarter
ending September 30, 2001, an increase
_____________
King Pharmaceuticals
– debt under
King's senior credit facility, and merger and restructuring costs related to
King's merger with Medco Research, Inc., since renamed King Pharmaceuticals
Research and Development, Inc., in a tax-free pooling of interests transaction.
Including special charges, net earnings and diluted earnings per share
_____________
King
Pharmaceuticals – including but not limited to, King's merger with Jones Pharma
Incorporated and King's merger with Medco Research, Inc., now known as King
Pharmaceuticals Research and Development, Inc., dependence on King's ability to
continue to acquire branded products, the high cost and uncertainty of research,
clinical
_____________
dt 221492
;
Bristol-Myers
As referenced in this King Pharmaceuticals Reports Solid Revenue Growth for Third Quarter 2001 of 39% to $230.1 Million and Diluted Earnings per Share Growth of 33% to $0.28 Excluding Special Charges:
Bristol-Myers Squibb – quarter 2001 to finance King's acquisition of three branded pharmaceutical
products, along with another fully paid license for a fourth product, from
Bristol-Myers Squibb Company on August 8, 2001. Total consideration paid by King
to Bristol-Myers Squibb for the four branded pharmaceutical products equaled
$285 million."
_____________
Bristol-Myers Squibb – another fully paid license for a fourth product, from
Bristol-Myers Squibb Company on August 8, 2001. Total consideration paid by King
to Bristol-Myers Squibb for the four branded pharmaceutical products equaled
$285 million."
King has revised upward projected ranges for estimated net sales of Altace(R),
estimated
_____________
dt 225665
;
|
Wyeth
As referenced in this King Pharmaceuticals Reports Solid Revenue Growth for Third Quarter 2001 of 39% to $230.1 Million and Diluted Earnings per Share Growth of 33% to $0.28 Excluding Special Charges:
Wyeth- – Joseph R.
Gregory, Vice Chairman of King stated, "During the course of King's conference
call scheduled for later today, King, together with Wyeth- Ayerst Laboratories,
will in my opinion announce a very positive recent development in relation to
the forthcoming planned direct to consumer campaign for
_____________
dt 227007
|
Preview
Full Doc
| 2001 |
King Pharmaceuticals Acquires U.S. Rights To Corzide(R), Corgard(R), Delestrogen(R), and Florinef(R) From Bristol-Myers Squibb Company
King Pharmaceuticals Acquires U.S. Rights To Corzide(R), Corgard(R), Delestrogen(R), and Florinef(R) From Bristol-Myers Squibb Company (17K)
Doc #281702: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g70977ex99-1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE} 1
EXHIBIT 99.1
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES U.S. RIGHTS
TO CORZIDE(R), CORGARD(R), DELESTROGEN(R), AND FLORINEF(R)
FROM BRISTOL-MYERS SQUIBB COMPANY
BRISTOL, TENNESSEE, August 9, 2001 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today King's acquisition of three branded prescription pharmaceutical
products, along with a fully paid license to a fourth product, from
Bristol-Myers Squibb Company (NYSE:BMY). The products acquired include
Bristol-Myers Squibb Company's rights in the United States to Corzide(R)
(nadolol, bendroflumethiazide), a combination beta-adrenergic receptor blocker
("beta blocker") and thiazide diuretic, Delestrogen(R) (estradiol valerate
injection, USP), an injectable estrogen, and Florinef(R) (fludrocortisone
acetate, USP), a corticosteroid. King acquired also a fully paid license to and
the trademark for Corgard(R) (nadolol, USP), a beta blocker, in the United
States. Total consideration paid by King for the four branded pharmaceutical
products equals $285 million. A combination of cash on hand and proceeds from
King's existing revolving line of credit was used to finance the transaction.
Combined net sales for these products in the United States for the year ending
December 31, 2000, totaled approximately $69.2 million, with combined gross
margins in excess of 90%.
Corzide(R), a combination beta blocker and thiazide diuretic, is indicated for
the management of hypertension. Corgard(R) is indicated also for the management
of hypertension, as well as long term management of patients with angina
pectoris. "These products complement our key cardiovascular product portfolio
and provide King with an opportunity to further capitalize on the reputation and
relationships we have established with cardiologists in connection with our
largest product, Altace(R) (ramipril)," explained John M. Gregory, Chairman and
Chief Executive Officer of King. Corzide(R) is an exclusive product without
generic competition that competes in the combination beta blocker and diuretic
market of approximately $350 - $400 million in the United States. For the year
ending December 31, 2000, net sales of Corzide(R) equaled approximately $8.5
million, while net sales of Corgard(R) totaled approximately $18.6 million.
According to Scott Levin monthly prescription data, Corzide(R) total
prescriptions increased approximately 91% during the first six months of 2001 in
comparison to the first six months of 2000, while promoted by the prior owner
through a small contract sales force.
Delestrogen(R), an injectable estrogen replacement therapy, provides King with a
potential excellent addition to our expanding women's health product line, which
includes Menest(R) (esterified estrogens tablets, USP), an oral estrogen
replacement therapy. Also, as previously announced, we acquired a license to
Estrasorb(TM), a topical estrogen replacement therapy, for which a new drug
application ("NDA") was submitted to the United States Food and Drug
Administration ("FDA") in June 2001. Menest(R) and Delestrogen(R), along with
Estrasorb(TM) following approval by the FDA, will provide King with a full line
of estrogen replacement therapies for our dedicated women's health sales force
to market to OB/GYNs. Moreover, Delestrogen(R) is an exclusive product without
generic competition. Net sales of Delestrogen(R) totaled approximately $12.2
million during 2000.
Florinef(R) is a partial replacement therapy for primary and secondary
adrenocortical insufficiency in Addison's disease and for the treatment of
salt-losing adrenogenital syndrome. The Company's Jones Pharma sales force,
which has long been focused on endocrinology, will promote this product
primarily to
(more)
{PAGE} 2
endocrinologists. Florinef(R) is an exclusive product without generic
competition. Net sales of Florinef(R) equaled approximately $30.0 million during
2000.
Total prescriptions for Corzide(R), Delestrogen(R), and Florinef(R) grew during
the first six months of 2001 in comparison to the same period of the prior year
according to Scott Levin monthly prescription data. Specifically, as previously
mentioned, Corzide(R) total prescriptions increased approximately 91% during the
first six months of 2001 in comparison to the first six months of 2000. Total
prescriptions for Florinef(R) and Delestrogen(R) grew approximately 6% and 5%,
respectively, during the same period, without promotion by the prior owner. In
contrast, according to Scott Levin monthly prescription data, total
prescriptions for Corgard(R) declined approximately 19% during the first six
months of 2001 in comparison to the same period of the prior year.
John Gregory commented, "Today's acquisition of Corzide(R), Corgard(R),
Florinef(R), and Delestrogen(R) exemplifies the continued successful execution
of our growth strategy to selectively acquire additional branded pharmaceutical
products. These products synergistically complement and expand our
cardiovascular, women's health, and endocrinology product lines. Moreover, King
has a proven ability to successfully market and grow sales of acquired branded
pharmaceutical products."
Joseph R. Gregory, Vice Chairman of King, further stated, "Based in part on
revenues generated by our newly acquired products and the growth potential of
King's branded drugs, we plan to expand the Company's national dedicated field
sales force from approximately 520 representatives to a total of over 750
representatives before the end of the fourth quarter of 2001. Specifically, we
plan to hire an additional 100 representatives during the third quarter of 2001
and an additional 150 representatives during the fourth quarter of 2001. These
new sales representatives will focus on promoting the Company's products to
primary care physicians." Joseph Gregory added, "The expansion of our national
field sales force, together with the acquisition of Corzide(R), Corgard(R),
Florinef(R), and Delestrogen(R), demonstrates our commitment to the continuing
implementation of our primary growth strategies to acquire additional branded
pharmaceutical products as we actively promote and grow our existing product
lines."
As part of the acquisition, King is entering into Manufacturing and Supply
Agreements with Bristol-Myers Squibb Company, whereby Bristol-Myers Squibb
Company will continue to manufacture Corzide(R), Corgard(R), Delestrogen(R), and
Florinef(R) and supply King's requirements for those products. Pursuant to the
Manufacturing and Supply Agreements, King expects combined gross margins for
such products to remain in excess of 90% during the 3 year initial term of the
Agreements.
Including projected net sales estimates for Corzide(R), Corgard(R),
Delestrogen(R), and Florinef(R), King is revising upward its previously
announced projected ranges for estimated revenue on a quarterly and year-end
basis for 2001, and year-end basis for 2002. Our revised projected ranges for
estimated revenue for such periods follow:
(more)
{PAGE} 3
{TABLE}
{CAPTION}
281702
|
King Pharma
As referenced in this King Pharmaceuticals Acquires U.S. Rights To Corzide(R), Corgard(R), Delestrogen(R), and Florinef(R) From Bristol-Myers Squibb Company:
[KING PHARMACEUTICALS – g70977ex99-1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE} 1
EXHIBIT 99.1
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES U.S. RIGHTS
TO CORZIDE(R), CORGARD(R), DELESTROGEN(R), AND FLORINEF(R)
FROM BRISTOL-MYERS
_____________
KING PHARMACEUTICALS – TEXT}
{PAGE} 1
EXHIBIT 99.1
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES U.S. RIGHTS
TO CORZIDE(R), CORGARD(R), DELESTROGEN(R), AND FLORINEF(R)
FROM BRISTOL-MYERS SQUIBB COMPANY
BRISTOL, TENNESSEE, August 9,
_____________
King Pharmaceuticals, – U.S. RIGHTS
TO CORZIDE(R), CORGARD(R), DELESTROGEN(R), AND FLORINEF(R)
FROM BRISTOL-MYERS SQUIBB COMPANY
BRISTOL, TENNESSEE, August 9, 2001 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today King's acquisition of three branded prescription pharmaceutical
products, along with a fully paid license to a
_____________
King Pharmaceuticals – products, and 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 binodisine, the
unpredictability of the duration and results of the
_____________
KING PHARMACEUTICALS – Kyle P. Macione, Executive Vice President, Corporate Affairs - 423-989-8077
James E. Green, Senior Director, Corporate Affairs - 423-989-8125
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
_____________
dt 221510
;
|
Bristol-Myers
As referenced in this King Pharmaceuticals Acquires U.S. Rights To Corzide(R), Corgard(R), Delestrogen(R), and Florinef(R) From Bristol-Myers Squibb Company:
BRISTOL-MYERS SQUIBB – KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES U.S. RIGHTS
TO CORZIDE(R), CORGARD(R), DELESTROGEN(R), AND FLORINEF(R)
FROM BRISTOL-MYERS SQUIBB COMPANY
BRISTOL, TENNESSEE, August 9, 2001 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today King's acquisition of three branded prescription pharmaceutical
products, along
_____________
Bristol-Myers Squibb – KG)
announced today King's acquisition of three branded prescription pharmaceutical
products, along with a fully paid license to a fourth product, from
Bristol-Myers Squibb Company (NYSE:BMY). The products acquired include
Bristol-Myers Squibb Company's rights in the United States to Corzide(R)
(nadolol, bendroflumethiazide), a
_____________
Bristol-Myers Squibb – pharmaceutical
products, along with a fully paid license to a fourth product, from
Bristol-Myers Squibb Company (NYSE:BMY). The products acquired include
Bristol-Myers Squibb Company's rights in the United States to Corzide(R)
(nadolol, bendroflumethiazide), a combination beta-adrenergic receptor blocker
("beta blocker") and thiazide diuretic,
_____________
Bristol-Myers Squibb – we actively promote and grow our existing product
lines."
As part of the acquisition, King is entering into Manufacturing and Supply
Agreements with Bristol-Myers Squibb Company, whereby Bristol-Myers Squibb
Company will continue to manufacture Corzide(R), Corgard(R), Delestrogen(R), and
Florinef(R) and supply King's
_____________
Bristol-Myers Squibb
– our existing product
lines."
As part of the acquisition, King is entering into Manufacturing and Supply
Agreements with Bristol-Myers Squibb Company, whereby Bristol-Myers Squibb
Company will continue to manufacture Corzide(R), Corgard(R), Delestrogen(R), and
Florinef(R) and supply King's requirements for those products.
_____________
dt 225671
|
Preview
Full Doc
| 2001 |
King Pharmaceuticals Announces Exclusive License For Estrasorb(TM) with Novavax
King Pharmaceuticals Announces Exclusive License For Estrasorb(TM) with Novavax (9K)
Doc #281718: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}5
{FILENAME}g66318ex99-1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE} 1
EXHIBIT 99.1
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES EXCLUSIVE LICENSE
FOR ESTRASORB(TM) WITH NOVAVAX
BRISTOL, TN, January 8, 2001 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that it has obtained an exclusive license from Novavax, Inc. (AMEX:NOX) to
promote, market, distribute and sell Estrasorb(TM), Novavax's topical,
transdermal estrogen replacement therapy, worldwide except in the United States,
Canada, Italy, Netherlands, Greece, Switzerland and Spain. King will pay Novavax
during the term of the license a royalty based on 7.5% of net sales of
Estrasorb(TM) in any exclusive territory. King and Novavax will co-market
Estrasorb(TM) in the United States and Puerto Rico. Under the co-promotion
agreement, Novavax will pay King an amount equal to 50% of net sales, less cost
of goods, of Estrasorb(TM). Marketing expenses for Estrasorb(TM) approved
pursuant to the co-promotion agreement shall be shared equally by the parties.
All patients enrolled in the Phase III pivotal trial of Estrasorb(TM) have
recently completed dosing, and Novavax expects to file a New Drug Application
("NDA") for Estrasorb(TM) in the first half of 2001. King shall pay $5 million
to Novavax if the NDA for Estrasorb(TM) is accepted for filing by the U.S. Food
and Drug Administration ("FDA") on or before June 30, 2001, and if Novavax
provides King with certain opinion letters of an independent drug development
firm. However, King shall pay $2.5 million to Novavax if the NDA for
Estrasorb(TM) is accepted for filing by the FDA after June 30, 2001, but on or
before September 30, 2001, and if Novavax provides King with the required
opinion letters of an independent drug development firm. Novavax shall be
responsible for manufacturing Estrasorb(TM) under the agreements.
Additionally, King and Novavax have agreed to co-market King's product,
Nordette(R) (an oral contraceptive) in the U.S. and Puerto Rico. The
co-promotion agreement relating to Nordette(R) provides for King and Novavax to
equally share all quarterly net sales that exceed established baselines that in
the aggregate total $30 million per year. The parties shall share equally all
expenses associated with net sales of Nordette(R) that exceed such established
baselines. King acquired Nordette(R) in July 2000 from American Home Products
Corporation. Nordette(R) generated net sales in the U.S. and Puerto Rico of
approximately $34 million during 1999.
King announced also that it will divest it rights to AVC(TM) (sulfanilamide),
vaginal anti-infective cream and suppositories, in the U.S. and Puerto Rico to
Novavax for $3.3 million. Net sales of AVC(TM) totaled $1.3 million during 2000.
John M. Gregory, Chairman and Chief Executive Officer of King, stated, "We are
very pleased to collaborate with Novavax in the development and potential
commercialization of Estrasorb(TM). This exciting new women's health product,
if approved, will compete in the $1.2 billion estrogen
(more)
{PAGE} 2
replacement therapy market and potentially provide an excellent addition to our
expanding women's health product line."
"We are excited to be extending our relationship with King to co-promote
Estrasorb(TM), which has the potential to be the first-to-market topical
estrogen replacement therapy that addresses the uncomfortable symptoms
associated with post-menopause," stated John A. Spears, President and Chief
Executive Officer of Novavax. "Our agreement with King marks a significant event
in the company's history, and the combined force will create a formidable
presence in the women's healthcare marketplace. The advantages of this agreement
are clear. Novavax, which recently acquired Fielding Pharmaceutical's proven
sales force with an established reputation with obstetricians and gynecologists,
will gain support from King's women's health sales staff. The combination will
enable Novavax and King to expand the reach of the promotional programs at an
accelerated pace and offer greater opportunity to achieve strong market
penetration for Estrasorb(TM) and Nordette(R)."
Novavax, Inc. is a biopharmaceutical drug delivery company engaged in the
research and development of differentiated drug products primarily in the fields
of women's health and infectious diseases. The Company is applying its
proprietary lipid vesicle encapsulation technologies, including Novasome(R)
lipid vesicles and micellar nanoparticles, to develop product candidates for the
topical and oral delivery of generic and non-generic drugs, peptides, proteins
and oligonucleotides. The Company's Novasome technology is also being developed
as an adjuvant delivery system for enhanced vaccine efficacy. Novavax has
several product candidates in pre-clinical and human clinical trials, including
Estrasorb(TM), a topical cream for estrogen replacement therapy, which has
completed the Phase III clinical trial. Novavax's Biomedical Services Division
is engaged in contract research and development and Phase I/II vaccine
manufacturing of human vaccines for government laboratories and other vaccine
companies.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that manufactures, markets, and sells primarily branded
prescription pharmaceutical products. King seeks to capitalize on niche
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 the development and potential commercialization of
Estrasorb(TM) by Novavax and King. 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 Novavax's ability to successfully
develop Estrasorb(TM), including the FDA's approval of a related NDA, King's and
Novavax's ability to successfully launch and market Estrasorb(TM), dependence on
sales of King's products, including, in particular, but not limited to,
Altace(R), Lorabid(R), Levoxyl(R), Thrombin(R), and Cytomel(R)/Triostat(R),
management of King's growth and integration of its acquisitions, including but
not limited to, King's merger with Jones Pharma Incorporated and King's merger
with Medco Research, Inc., dependence on King's ability to continue to acquire
branded products, and the high cost and uncertainty of research, clinical
trials, and other development activities involving pharmaceutical products,
including, but not limited to,
(more)
{PAGE} 3
Estrasorb(TM). Other important factors that may cause actual results to differ
materially from the forward-looking statements are discussed in various sections
of King's Form 10-K for the year ended December 31, 1999, and King's Form 10-Q
for the quarterly period ended September 30, 2000, which are on file with the
Securities and Exchange Commission, King's Form S-3 as filed with the Securities
and Exchange Commission on January 21, 2000, and related prospectus supplements
dated April 19, 2000, and October 17, 2000, and King's Form S-4 as filed with
281718
|
King Pharma
As referenced in this King Pharmaceuticals Announces Exclusive License For Estrasorb(TM) with Novavax:
[KING PHARMACEUTICALS – g66318ex99-1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE} 1
EXHIBIT 99.1
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES EXCLUSIVE LICENSE
FOR ESTRASORB(TM) WITH NOVAVAX
BRISTOL, TN, January 8, 2001 - King Pharmaceuticals, Inc. (NYSE:
_____________
KING PHARMACEUTICALS – TEXT}
{PAGE} 1
EXHIBIT 99.1
N E W S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES EXCLUSIVE LICENSE
FOR ESTRASORB(TM) WITH NOVAVAX
BRISTOL, TN, January 8, 2001 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that it has
_____________
King Pharmaceuticals, – S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES EXCLUSIVE LICENSE
FOR ESTRASORB(TM) WITH NOVAVAX
BRISTOL, TN, January 8, 2001 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that it has obtained an exclusive license from Novavax, Inc. (AMEX:NOX) to
promote, market, distribute and
_____________
KING PHARMACEUTICALS – 3900
Jim Mirto, Chief Operating Officer - 301-854-3900
Investors/Media: Olga Fleming/Lisa Bradlow,
Weber Shandwick Worldwide - 646-658-8000
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
_____________
dt 221524
;
|
Novavax
As referenced in this King Pharmaceuticals Announces Exclusive License For Estrasorb(TM) with Novavax:
NOVAVAX
– S R E L E A S E
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ANNOUNCES EXCLUSIVE LICENSE
FOR ESTRASORB(TM) WITH NOVAVAX
BRISTOL, TN, January 8, 2001 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that it has obtained an exclusive license from Novavax, Inc. (
_____________
Novavax, – TM) WITH NOVAVAX
BRISTOL, TN, January 8, 2001 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that it has obtained an exclusive license from Novavax, Inc. (AMEX:NOX) to
promote, market, distribute and sell Estrasorb(TM), Novavax's topical,
transdermal estrogen replacement therapy, worldwide except in the
_____________
Novavax' – KG) announced
today that it has obtained an exclusive license from Novavax, Inc. (AMEX:NOX) to
promote, market, distribute and sell Estrasorb(TM), Novavax' s topical,
transdermal estrogen replacement therapy, worldwide except in the United States,
Canada, Italy, Netherlands, Greece, Switzerland and Spain. King will pay Novavax
_____________
Novavax
– Novavax's topical,
transdermal estrogen replacement therapy, worldwide except in the United States,
Canada, Italy, Netherlands, Greece, Switzerland and Spain. King will pay Novavax
during the term of the license a royalty based on 7.5% of net sales of
Estrasorb(TM) in any exclusive territory.
_____________
Novavax – the term of the license a royalty based on 7.5% of net sales of
Estrasorb(TM) in any exclusive territory. King and Novavax will co-market
Estrasorb(TM) in the United States and Puerto Rico. Under the co-promotion
agreement, Novavax will pay King an amount
_____________
dt 215962
|
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Full Doc
| 2002 |
King Pharmaceuticals Acquires Rights to Intal(R), Tilade(R), and Synercid(R) from Aventis
King Pharmaceuticals Acquires Rights to Intal(R), Tilade(R), and Synercid(R) from Aventis (16K)
Doc #281668: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g80000exv99w1.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 RIGHTS TO
INTAL(R), TILADE(R), AND SYNERCID(R) FROM AVENTIS
BRISTOL, TENNESSEE, December 31, 2002 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today the Company's acquisition of the rights to three branded
prescription pharmaceutical products from Aventis. The products include the
rights in the United States, Puerto Rico, and Canada to Intal(R) (cromolyn
sodium) and Tilade(R) (nedocromil sodium), inhaled anti-inflammatory agents for
the management of asthma, and worldwide rights, excluding Japan, to Synercid(R)
(dalfopristin and quinupristin), an injectable antibiotic indicated for
treatment of vancomycin-resistant Enterococcal faecium ("VREF") and treatment of
complicated skin and skin structure infections. Total upfront cash consideration
paid by King for the three branded pharmaceutical products equals $199.5
million. Net sales of Intal(R) and Tilade(R) in the United States, Puerto Rico,
and Canada and net sales of Synercid(R) worldwide totaled approximately $66
million during the twelve months ending September 30, 2002.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "Our
acquisition of the rights to Intal(R), Tilade(R) and Synercid(R) continues the
successful execution of King's strategy to selectively acquire rights to
exclusive branded prescription pharmaceutical products that we believe should
significantly benefit from focused promotion and marketing, and product
life-cycle management. With the application of our well-established sales and
marketing capabilities, we believe Intal(R) and Tilade(R), in particular, offer
excellent opportunities for growth."
Intal(R) and Tilade(R) are non-steroidal anti-inflammatory, non-beta-2 agonist
agents for the treatment of asthma. Intal(R) is administered with either an
inhaler or a nebulizer and is indicated for the long-term treatment of bronchial
asthma in adults and children. Tilade(R) is administered with an inhaler and is
indicated for the long-term treatment of bronchial asthma and associated chronic
cough in adults. A new Intal(R) inhaler formulation utilizing hydrofluoroalkane
("HFA"), an environmentally friendly propellant, is currently under review by
the U.S. Food and Drug Administration ("FDA"). The HFA formulation of Intal(R)
is patented in the United States until September 2017. Tilade(R) has a
composition of matter patent in the United States until October 2006. In
addition to patent protection, the delivery system of the inhaler products
lessens the potential for generic competition. Net sales of Intal(R) and
Tilade(R) in the United States, Puerto Rico, and Canada totaled approximately
$39 million during the twelve months ending September 30, 2002. Sales of
Tilade(R) during the second half of 2002 were affected by lack of available
product due to scheduled refurbishment of the product's production facilities.
The manufacture of Tilade(R) resumed during the fourth quarter of 2002 and
product produced is awaiting validation.
(more)
{PAGE}
Synercid(R) is an injectable antibiotic indicated for treatment of VREF and
treatment of complicated skin and skin structure infections caused by
Staphylococcus aureus (methicillin susceptible) or Streptococcus pyogenes.
Synercid(R), which is primarily administered in hospitals, has a formulation
patent in the United States until November 2017. As additional consideration to
Aventis for Synercid(R), King has agreed to potential milestone payments
totaling $75.1 million. King will potentially pay Aventis milestone payments
totaling $50.1 million over the next three years, payable in annual installments
of $10.3 million, $21.2 million, and $18.6 million beginning on December 31,
2003, which relate to the indication for the treatment of VREF. The remaining
$25 million milestone is payable to Aventis if Synercid(R) should receive FDA
approval to treat methicillin resistant Staphylococcus aureus ("MRSA"), or King
will pay Aventis a one-time payment of $5 million the first time during any
twelve-month period net sales of Synercid(R) exceed $60 million, and a one-time
payment of $20 million the first time during any twelve-month period net sales
of Synercid(R) exceed $75 million. Net sales of Synercid(R) worldwide during the
twelve months ending September 30, 2002 totaled approximately $27 million.
Mr. Gregory explained, "The market for respiratory products is currently
experiencing impressive strong growth and is the fourth largest pharmaceutical
market in the world. Our acquisition of rights to Intal(R) and Tilade(R)
provides King with differentiated products and access to this rapidly growing
market in the United States, Puerto Rico, and Canada. The differentiating
attributes of Intal(R) and Tilade(R) include their unique mechanism of action
and excellent safety profiles, the latter of which is extremely important for
pediatric patients and in other patient sub-populations for whom safety is a
particular concern." Mr. Gregory continued, "Synercid(R) is also well-positioned
for future growth. The ever-increasing resistance to leading treatments for
gram-positive bacteria has created a growing market for effective alternatives
such as Synercid(R). King plans to market and promote Synercid(R) in the United
States and Puerto Rico utilizing the Company's current dedicated hospital field
sales force and in the rest of the world, excluding Japan, utilizing various
marketing and supply arrangements with other established companies."
Kyle P. Macione, President of King, further stated, "Based on anticipated
revenues generated by Intal(R), Tilade(R), and Synercid(R) and the growth
potential of King's branded drugs, we plan to expand the Company's national
dedicated field sales force from approximately 715 representatives to a total of
over 800 representatives beginning during the first quarter of 2003. The
additional sales representatives will focus on promoting Intal(R) and Tilade(R)
together with other drugs in our portfolio that we currently detail to
physicians." Mr. Macione added, "The expansion of our national field sales
force, together with the acquisition of rights to Intal(R), Tilade(R), and
Synercid(R), demonstrates our commitment to the continuing implementation of our
proven acquisition growth strategies as we aggressively promote and grow our
product lines."
As part of the transaction, King is entering into license, option,
manufacturing, and supply
(more)
{PAGE}
agreements with Aventis. Pursuant to the manufacturing and supply agreements,
Aventis will manufacture Intal(R), Tilade(R), and Synercid(R), and supply King's
requirements for those products for an initial term of five years. Based on the
terms of the manufacturing and supply agreements, King expects to realize
combined gross margins on the products consistent with typical branded
prescription pharmaceutical products.
James R. Lattanzi, Chief Financial Officer of King, commented on the transaction
saying, "Our acquisition of the rights to Intal(R), Tilade(R), and Synercid(R)
should contribute additional substantial gross profits to the Company. King is
not revising the Company's earnings per share projections for 2003 at this time
as we intend to use a portion of the anticipated revenues generated by sales of
such products to finance the expansion of our dedicated field sales force,
thereby further expanding King's opportunities for continued growth. In
addition, the Company is planning to divest next year certain non-strategic
products, including Lorabid(R) (loracarbef), that are not contributing to our
growth and subsequently reinvest the proceeds in products that should further
enhance King's growth potential."
Mr. Lattanzi added, "We continue to perceive an environment conducive to
potential opportunities for strategically acquiring additional branded
pharmaceutical products. Moreover, King is currently involved in serious
discussions with respect to numerous additional potential acquisition
281668
|
King Pharma
As referenced in this King Pharmaceuticals Acquires Rights to Intal(R), Tilade(R), and Synercid(R) from Aventis:
[KING PHARMACEUTICALS – 3
{FILENAME}g80000exv99w1.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 RIGHTS TO
INTAL(R), TILADE(R), AND SYNERCID(R) FROM AVENTIS
BRISTOL, TENNESSEE, December 31, 2002 -
_____________
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 RIGHTS TO
INTAL(R), TILADE(R), AND SYNERCID(R) FROM AVENTIS
BRISTOL, TENNESSEE, December 31, 2002 - King Pharmaceuticals, Inc. (NYSE:KG)
announced
_____________
King Pharmaceuticals, – LOGO]
-------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS ACQUIRES RIGHTS TO
INTAL(R), TILADE(R), AND SYNERCID(R) FROM AVENTIS
BRISTOL, TENNESSEE, December 31, 2002 - King Pharmaceuticals, Inc. (NYSE:KG)
announced today the Company's acquisition of the rights to three branded
prescription pharmaceutical products from Aventis. The products
_____________
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
{/TEXT}
{/DOCUMENT}
_____________
dt 221479
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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
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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
;
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
;
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
|
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Full Doc
| 2003 |
King Pharmaceuticals Announces the Completion of Audit Committee's Independent Review and King's Filing of 2002 Form 10-K and First-Quarter 2003 Form 10-Q
King Pharmaceuticals Announces the Completion of Audit Committee's Independent Review and King's Filing of 2002 Form 10-K and First-Quarter 2003 Form 10-Q (30K)
Doc #281652: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g84036exv99w1.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 ANNOUNCES THE
COMPLETION OF AUDIT COMMITTEE'S INDEPENDENT REVIEW AND
KING'S FILING OF 2002 FORM 10-K AND FIRST-QUARTER 2003 FORM 10-Q
BRISTOL, TENNESSEE, July 29, 2003 -- King Pharmaceuticals, Inc. (NYSE: KG)
reported today the completion of the previously announced internal review
conducted by the Audit Committee of the Company's Board of Directors (the "Audit
Committee"). Also, King today filed with the Securities and Exchange Commission
(the "SEC") its Form 10-K containing the audited consolidated financial
statements for the year ended December 31, 2002, and its Form 10-Q containing
the unaudited consolidated financial statements for the first quarter ended
March 31, 2003.
As previously reported, the SEC initiated a formal investigation of King in
March 2003. In light of the SEC investigation, and as recommended by management,
the Audit Committee initiated an assessment and internal review of the issues
raised by the SEC investigation and retained independent counsel, who retained
an independent accounting firm, to assist the Audit Committee. Pending the
completion of the Audit Committee's review, King delayed the filing of its Form
10-K for the year ended December 31, 2002, and its Form 10-Q for the first
quarter ended March 31, 2003. The Audit Committee completed the internal review
on July 28, 2003, enabling the completion of the audit of King's consolidated
financial statements for the year ended December 31, 2002, and the filing of the
Company's 2002 Form 10-K and first-quarter 2003 Form 10-Q. Although the Audit
Committee review is complete, the SEC investigation of the Company is
continuing.
The audited consolidated financial statements for the year ended December 31,
2002, reflect three adjustments arising from the internal review or otherwise
based on information that became available subsequent to the release of the
unaudited consolidated financial statements for the year ended December 31,
2002, contained in the Form 8-K dated April 15, 2003. These are (1) a $46.5
million adjustment increasing the accrual for estimated amounts due under
Medicaid and other governmental pricing programs, (2) an additional $39.8
million charge relating to Lorabid(R) (loracarbef), consisting of a $49.9
million accrual for Lorabid(R) purchase commitments in excess of expected demand
and a $10.0 million reduction (from $76.8 million to $66.8 million) in the
previously announced Lorabid(R) intangible asset impairment charge, and (3) a
deferral of $4.7 million of revenue associated with a purchase of King's
products from a third-party wholesaler by King Benevolent Fund, Inc. Under
applicable accounting rules, each of these adjustments is required to be
reflected as of December 31, 2002. The adjustments are discussed below and in
further detail in the Company's 2002 Form 10-K.
SEC Investigation, Medicaid and Other Governmental Programs Accrual
Adjustment and Related Matters
In connection with the internal review, King determined that it had underaccrued
for estimated amounts due under Medicaid and other governmental pricing
programs, and recorded an adjustment of $46.5 million to total revenues and
accrued expenses in the fourth quarter of 2002. This amount represents the
Company's best estimate of the extent to which it underpaid amounts due under
Medicaid and other governmental pricing programs during the period from 1998 to
2002. In connection with the accrual adjustment, King expects to recover on a
pre-tax basis approximately $0.7 million of royalties it
(more)
{PAGE}
previously paid for Altace(R). King also expects to recover on a pre-tax basis
approximately $9.5 million of the promotional fees it previously paid under a
co-promotion agreement for Altace(R) (ramipril), but King has not completed
discussions with its partner and therefore has not recorded this amount in its
results for 2002.
The Audit Committee concluded, after weighing all the information developed in
the course of the internal review, that the underpayments requiring the accrual
adjustment did not arise from an effort on the part of the Company's current or
prior management to mislead investors by manipulating reported financial
results. While the Committee concluded that the errors did not result in any
material financial misstatements, the Committee stated that it believes that the
Company needs to dedicate additional attention and resources to ensure
compliance with all applicable reporting requirements for Medicaid rebates and
other governmental pricing programs. The Committee noted the need to have in
place systems, processes and personnel that provide reasonable assurance that
such errors are unlikely to recur in the future. Management has reviewed with
the Committee the steps the Company has taken, is now taking and plans to take
to address the issues raised by the incorrect Medicaid and other governmental
pricing programs filings made in the past, and to enhance the Company's
capabilities with respect to future Medicaid and other governmental pricing
calculations. The Committee stated that it intends to monitor carefully the
Company's ongoing discussions with appropriate regulatory authorities, as well
as the implementation of proposed improvements to systems, processes, training,
and personnel.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We
are grateful to the members of the Audit Committee for their time and dedication
in conducting their review. Our management team is committed to addressing the
issues identified by the Audit Committee review and have already begun to
implement the additional processes necessary to better assure the Company's
compliance with Medicaid and other governmental pricing programs."
King has contacted the Centers for Medicare and Medicaid Services, the Office of
Inspector General at the Department of Health and Human Services, and the
Department of Justice in connection with the underpayments and expects to engage
in more detailed discussions with these and other appropriate agencies in order
to determine the precise amount of the underpayments. King currently expects to
make the requisite payments in the third or fourth quarter of 2003. Pending
determination of the precise amount of such payments, King has placed $46.5
million of its cash on hand in an interest-bearing escrow account. The accrual
adjustment relates solely to the estimated underpayments and excludes any
interest, fines, penalties or other amounts that might be owed in connection
with the underpayments, as the Company cannot predict or reasonably estimate
their likelihood or magnitude at this time.
James R. Lattanzi, Chief Financial Officer of King, emphasized, "King continues
to identify and implement actions to improve its compliance with Medicaid and
other governmental pricing programs. Likewise, the Company has engaged outside
consultants to assist it in its compliance efforts while it is in the process of
expanding its internal compliance staff."
Additional Charge Relating to Lorabid(R)
As previously disclosed, during the fourth quarter of 2002, King decided to
divest its rights to Lorabid(R). As a result of a continuing decline of
Lorabid(R) prescriptions and the Company's inability, to date, to divest its
rights to Lorabid(R), subsequent to the release of the unaudited consolidated
financial statements for the year ended December 31, 2002, King determined that
it will not be able to sell all the Lorabid(R) it is required to purchase under
its supply agreement with Eli Lilly and Company. Accordingly, because of these
further declines in Lorabid(R) prescription trends, and because the Company had
not finalized its consolidated financial statements for the year ended December
31, 2002, King revised its unaudited consolidated financial statements for the
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King Pharma
As referenced in this King Pharmaceuticals Announces the Completion of Audit Committee's Independent Review and King's Filing of 2002 Form 10-K and First-Quarter 2003 Form 10-Q:
(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 ANNOUNCES THE
COMPLETION OF AUDIT COMMITTEE'S INDEPENDENT REVIEW AND
KING'S FILING OF 2002 FORM 10-
_____________
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 ANNOUNCES THE
COMPLETION OF AUDIT COMMITTEE'S INDEPENDENT REVIEW AND
KING'S FILING OF 2002 FORM 10-K AND FIRST-QUARTER 2003 FORM
_____________
King Pharmaceuticals, – INDEPENDENT REVIEW AND
KING'S FILING OF 2002 FORM 10-K AND FIRST-QUARTER 2003 FORM 10-Q
BRISTOL, TENNESSEE, July 29, 2003 -- King Pharmaceuticals, Inc. (NYSE: KG)
reported today the completion of the previously announced internal review
conducted by the Audit Committee of the Company's
_____________
KING PHARMACEUTICALS, – James E. Green, Executive Vice President, Corporate Affairs - 423-989-8125
John P. Lambrechts, Senior Director, Investor Relations - 423-990-2518
(more)
{PAGE}
KING PHARMACEUTICALS, INC.
Reconciliation of Non-GAAP Measures
(in thousands, except per share data)
The following table details the amounts and effects related to
_____________
KING PHARMACEUTICALS – receivable 7,967 0.02 7,967 0.02
------- -------
Diluted earnings per common share, as reported $ (0.03) $ (0.03)
======= =======
{/TABLE}
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
_____________
dt 221463
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Eli Lilly
As referenced in this King Pharmaceuticals Announces the Completion of Audit Committee's Independent Review and King's Filing of 2002 Form 10-K and First-Quarter 2003 Form 10-Q:
Eli Lilly – determined that
it will not be able to sell all the Lorabid(R) it is required to purchase under
its supply agreement with Eli Lilly and Company. Accordingly, because of these
further declines in Lorabid(R) prescription trends, and because the Company had
not finalized its consolidated financial
_____________
Eli Lilly – from a
third-party wholesaler; dependence on whether sales of Lorabid(R) continue to
decline, King terminates the Company's supply agreement with Eli Lilly for
Lorabid(R), or King is unable to secure adequate Lorabid(R) inventory purchase
commitments from a buyer of the Lorabid(R) rights;
_____________
dt 225812
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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
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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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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
|
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
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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
;
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
;
|
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 Reports Solid Growth for First-Quarter 2003
King Pharmaceuticals Reports Solid Growth for First-Quarter 2003 (38K)
Doc #281658: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g82592exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
NEWS RELEASE
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS SOLID GROWTH FOR FIRST-QUARTER 2003
REVENUES INCREASE 33% AND DILUTED EPS, EXCLUDING SPECIAL ITEMS, GROWS 14%
BRISTOL, TENNESSEE, May 6, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that net earnings, excluding special items, equaled $78.6 million for the
first quarter ending March 31, 2003, up 10% from $71.3 million in the first
quarter of 2002. Diluted earnings per share, excluding special items, was $0.33
for the first quarter of 2003, up 14% from $0.29 for the first quarter of 2002.
King recorded special items resulting in a net charge totaling $125.3 million,
or $86.7 million net of tax, during the first quarter ending March 31, 2003.
More specifically, special items during the first quarter of 2003 include an
intangible asset impairment charge for Florinef(R) (fludrocortisone acetate,
USP) in the amount of $111.0 million due to the recent approval of a second
generic for the product. Additionally, special items during the first quarter of
2003 include a charge in the amount of $18.0 million for in-process research and
development associated with King's acquisition of Meridian Medical Technologies,
Inc. on January 8, 2003, inventory charges of $4.3 million primarily related to
the acquisition of Meridian and a recall of certain lots of Levoxyl(R)
(levothyroxine sodium tablets, USP) 300 mcg, and income in the amount of $8.0
million due to a decrease in the valuation allowance for Novavax, Inc.
convertible notes held by the Company resulting solely from an increase in the
share price of Novavax common stock during the first quarter of 2003. Including
special items, King incurred a net loss of $8.0 million, or a loss of $0.03 per
diluted share, for the first quarter ending March 31, 2003, compared to net
earnings of $71.3 million, or $0.29 per diluted share, during the first quarter
of the prior year.
On a cash basis, diluted earnings per share, excluding special items, was $0.37
for the first quarter of 2003, compared to $0.31 in the first quarter of the
prior year. Cash basis earnings is defined as earnings before amortization of
intangible assets.
Under Generally Accepted Accounting Principles ("GAAP"), "net earnings" and
"diluted earnings per share" include special items. In addition to such GAAP
results, King provides its net earnings and diluted earnings per share results
for the first-quarter 2003, excluding special items, and its diluted earnings
per share on a cash basis, excluding special items. These non-GAAP financial
measures exclude special items (which King considers to be those items that are
not related to the Company's ongoing, underlying business) and, in the case of
cash basis diluted earnings per share, also excludes intangible amortization
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 these non-GAAP financial measures provide an
analysis of the Company's results that is comparable among periods since it
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 these non-GAAP measures involve judgments by King's management (in
particular, judgments as to what is or is not classified as a special item).
Revenues grew to $343.5 million for the first quarter ending March 31, 2003, a
33% increase over revenues of $258.1 million during the first quarter of 2002.
The increase in first-quarter revenues and net
(more)
{PAGE}
earnings, excluding special items, is attributable primarily to the sales growth
of certain significant branded pharmaceutical products, in particular Altace(R)
(ramipril) and Thrombin-JMI(R) (thrombin, topical, bovine, USP), and King's
acquisitions of Meridian on January 8, 2003 and Intal(R) (cromolyn sodium),
Tilade(R) (nedocromil sodium), and Synercid(R) (dalfopristin and quinupristin)
from Aventis on December 30, 2002, partially offset by lower sales of certain
branded pharmaceutical products, including Lorabid(R) (loracarbef, USP),
Cortisporin(R), Levoxyl(R), and Florinef(R) during the first quarter ended March
31, 2003.
Net revenue from branded pharmaceuticals, including royalty income, totaled
$311.5 million for the first quarter of 2003, a 25% increase over the first
quarter of 2002. Revenue from contract manufacturing, including direct
government sales, during the first quarter of 2003 equaled $31.1 million, $24.7
million of which is attributable to King's acquisition of Meridian on January 8,
2003. Revenue from other sources during the first quarter ended March 31, 2003,
which now includes Meridian's cardiopulmonary business, equaled $0.9 million.
Altace(R) net sales grew to $153.6 million in the first quarter of 2003, a 54%
increase from $99.5 million during the first quarter of 2002. Altace(R) new
prescriptions totaled approximately 975,800 and total prescriptions equaled
approximately 2,998,500 during the first quarter of 2003, increases of 19% and
30%, respectively, over the same period of the prior year, according to IMS
America data.
Levoxyl(R) net sales equaled $33.2 million in the first quarter of 2003, down
17% from $39.8 million during the first quarter of 2002. The Company believes
that rumors of possible near-term approval of a generic substitute for
Levoxyl(R) may have affected sales of the product during the first quarter ended
March 31, 2003. On April 29, 2003, however, the U.S. Patent and Trademark Office
issued the first U.S. patent, patent no. 6,555,581 ("the `581 Patent"),
pertaining to the Company's U.S. Food and Drug Administration ("FDA") approved
product, Levoxyl(R). The `581 Patent is now listed in the FDA's publication
entitled Approved Drug Products with Therapeutic Equivalence Evaluations,
commonly known as the "Orange Book". Mylan Pharmaceuticals Inc. has expressed
its intent to challenge the `581 Patent and has informed King by fax of Mylan's
submission of the necessary Paragraph IV Certification of such challenge to the
FDA.
Net sales of Thrombin-JMI(R) totaled $32.8 million during the first quarter
ended March 31, 2003, a 53% increase from $21.5 million during the first quarter
of the prior year.
Royalty revenues from Adenoscan(R) (adenosine) and Adenocard(R) (adenosine)
totaled $15.4 million in the first quarter of 2003, a 34% increase over $11.5
million during the same period of the prior year.
Jefferson J. Gregory, Chief Executive Officer of King, stated, "We are pleased
with King's sustained solid revenue growth during the first quarter ended March
31, 2003. Specifically, net sales of Altace(R) and Thrombin-JMI(R) continued to
achieve record levels. Increased sales from these products, combined with our
acquisitions of Meridian on January 8, 2003 and Intal(R), Tilade(R), and
Synercid(R) from Aventis on December 30, 2002, contributed significantly to our
continued record of revenue growth."
Reviewing a significant recent milestone event for King, Mr. Gregory said, "We
are especially excited about the issuance of the first U.S. patent for our
FDA-approved quick-dissolving Levoxyl(R)on April 29, 2003. Also, the Company has
in excess of 40 U.S. patent applications for additional patents under review by
the U.S. Patent and Trademark Office relating to Levoxyl(R)." Mr. Gregory added,
"We
(more)
281658
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King Pharma
As referenced in this King Pharmaceuticals Reports Solid Growth for First-Quarter 2003:
[KING PHARMACEUTICALS – {DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g82592exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
NEWS RELEASE
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS SOLID GROWTH FOR FIRST-QUARTER 2003
REVENUES INCREASE 33% AND DILUTED EPS, EXCLUDING SPECIAL ITEMS, GROWS
_____________
KING PHARMACEUTICALS – 99.1
{SEQUENCE}3
{FILENAME}g82592exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
NEWS RELEASE
[KING PHARMACEUTICALS LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS REPORTS SOLID GROWTH FOR FIRST-QUARTER 2003
REVENUES INCREASE 33% AND DILUTED EPS, EXCLUDING SPECIAL ITEMS, GROWS 14%
BRISTOL, TENNESSEE, May 6, 2003 -
_____________
King Pharmaceuticals, – REPORTS SOLID GROWTH FOR FIRST-QUARTER 2003
REVENUES INCREASE 33% AND DILUTED EPS, EXCLUDING SPECIAL ITEMS, GROWS 14%
BRISTOL, TENNESSEE, May 6, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) announced
today that net earnings, excluding special items, equaled $78.6 million for the
first quarter ending March 31,
_____________
King Pharmaceuticals – in development, 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 Abbreviated New Drug
_____________
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
EXCLUDING SPECIAL CHARGES
(in thousands, except per share data)
{TABLE}
{CAPTION}
Three Months Ended
March 31,
2003
_____________
dt 221469
;
Novavax
As referenced in this King Pharmaceuticals Reports Solid Growth for First-Quarter 2003:
Novavax, – sodium tablets, USP) 300 mcg, and income in the amount of $8.0
million due to a decrease in the valuation allowance for Novavax, Inc.
convertible notes held by the Company resulting solely from an increase in the
share price of Novavax common stock during the
_____________
Novavax – in the valuation allowance for Novavax, Inc.
convertible notes held by the Company resulting solely from an increase in the
share price of Novavax common stock during the first quarter of 2003. Including
special items, King incurred a net loss of $8.0 million, or a loss
_____________
Novavax' – approval process, dependence on King's ability to timely obtain FDA
approval of civilian formulations of Meridian's nerve gas antidote, 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' – of Meridian's nerve gas antidote, 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 management of King's
_____________
dt 215943
;
|
Wyeth
As referenced in this King Pharmaceuticals Reports Solid Growth for First-Quarter 2003:
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 development and
_____________
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 development and implementation of successful marketing
strategies for Levoxyl(R), dependence on the potential negative effect on sales
of
_____________
dt 227003
|
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
|
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
{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
_____________
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
_____________
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
{/TEXT}
{/DOCUMENT}
_____________
dt 221470
;
|
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
|
Preview
Full Doc
| 2003 |
King Pharmaceuticals Releases 2002 Unaudited Consolidated Financial Statements And Other Information Typically Included in Form 10-K
King Pharmaceuticals Releases 2002 Unaudited Consolidated Financial Statements And Other Information Typically Included in Form 10-K (5K)
Doc #281661: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.2
{SEQUENCE}4
{FILENAME}g81999exv99w2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.2
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS RELEASES
2002 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
AND OTHER INFORMATION TYPICALLY INCLUDED IN FORM 10-K
BRISTOL, TENNESSEE, April 15, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) today
filed a Form 8-K with the Securities and Exchange Commission ("SEC"), providing
unaudited consolidated financial statements for its fiscal year ended December
31, 2002, together with other information typically included in the Form 10-K.
King voluntarily chose to make this information available since the Company does
not anticipate filing its Form 10-K within the 15-day extension period provided
by the previously filed Form 12b-25.
As announced on March 11, 2003, the SEC is conducting an investigation of the
Company and has requested King to produce certain documents. In light of the SEC
investigation, and as recommended by King's management, the audit committee of
King's Board of Directors has initiated its own related internal review and has
retained independent legal counsel, who has retained an independent accounting
firm, to assist the audit committee. On March 31, 2003, King filed a Form 12b-25
with the SEC to obtain a 15-day extension for filing its Form 10-K in order to
provide the audit committee and its independent legal counsel with additional
time to conduct a more thorough review. The audit committee's review is
continuing, and no deadline has been established for the completion of the
review.
The information filed with King's Form 8-K dated today does not include the
report of PricewaterhouseCoopers, the Company's independent auditor, as the
financial statements filed are unaudited consolidated financial statements.
Additionally, such information does not contain disclosure on controls and
procedures, the Sections 302 and 906 certifications currently required to be
included in reports on Form 10-K, or any accompanying exhibits.
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 the information provided in the Form 8-K filed by the
Company with the SEC today being typical of that which would have been provided
had King timely filed its Form 10-K for the year ended
{PAGE}
December 31, 2002 with the SEC. 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 whether the audited consolidated
financial statements which are ultimately made a part of King's Form 10-K for
the year ended December 31, 2002, once filed with the SEC, will not contain
material changes from the unaudited consolidated financial statements filed
today as a part of King's Form 8-K; dependence on the possibility that the audit
committee's review may result in a determination to restate 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 a determination of the ultimate focus
of the SEC's inquiry. 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 the information provided in King's Form
8-K dated April 15, 2003, which is on file with the 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 - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
281661
|
King Pharma
As referenced in this King Pharmaceuticals Releases 2002 Unaudited Consolidated Financial Statements And Other Information Typically Included in Form 10-K:
(KING PHARMACEUTICALS – 4
{FILENAME}g81999exv99w2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.2
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS RELEASES
2002 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
AND OTHER INFORMATION TYPICALLY INCLUDED IN FORM 10-K
BRISTOL, TENNESSEE,
_____________
KING PHARMACEUTICALS – RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.2
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS RELEASES
2002 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
AND OTHER INFORMATION TYPICALLY INCLUDED IN FORM 10-K
BRISTOL, TENNESSEE, April 15, 2003 - King Pharmaceuticals, Inc. (
_____________
King Pharmaceuticals, – RELEASE
KING PHARMACEUTICALS RELEASES
2002 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
AND OTHER INFORMATION TYPICALLY INCLUDED IN FORM 10-K
BRISTOL, TENNESSEE, April 15, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) today
filed a Form 8-K with the Securities and Exchange Commission ("SEC"), providing
unaudited consolidated financial statements for
_____________
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 221472
| |
Preview
Full Doc
| 2003 |
15-Day Extension for Form 10-K Filed by King Pharmaceuticals
15-Day Extension for Form 10-K Filed by King Pharmaceuticals (6K)
Doc #281662: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g81876exv99w1.txt
{DESCRIPTION}EX-99.1 PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
[KING LOGO]
FOR IMMEDIATE RELEASE
15-DAY EXTENSION FOR FORM 10-K FILED BY KING PHARMACEUTICALS
NO MATERIAL CHANGES ANTICIPATED IN KING'S CONSOLIDATED FINANCIAL STATEMENTS,
AS REPORTED IN YEAR-END 2002 NEWS RELEASE, EXCLUDING SPECIAL ITEMS
BRISTOL, TENNESSEE, March 31, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) filed
a Form 12b-25 today providing for a 15-calendar-day extension for submitting its
Form 10-K for the year ended December 31, 2002, to the Securities and Exchange
Commission ("SEC").
As announced on March 11, 2003, the SEC is conducting an investigation of the
Company and has requested King to produce certain documents. In light of the SEC
investigation, and as recommended by King's management, the audit committee of
King's Board of Directors has initiated its own related internal review and has
retained independent legal counsel, who has retained an independent accounting
firm, to assist the audit committee. Because the audit committee's investigation
is not complete and no conclusions have been reached, the extension provides the
audit committee and its independent legal counsel with additional time to
conduct a more thorough review.
Although this investigation is not yet complete, management anticipates no
material changes in King's consolidated financial statements which were
presented in the Company's fourth-quarter and year-end 2002 news release on
February 18, 2003, with one exception. The one exception solely relates to the
previously reported estimated asset impairment charge resulting from the
Company's decision to divest Lorabid(R) (loracarbef), which is expected to
increase from $51.2 million to $76.9 million. This new estimate is based on the
Company's most recent assessment of potential proceeds to be derived from its
planned divestiture of Lorabid(R).
The previously announced SEC request for documents focused on:
- Sales of King's products during 1999 and 2000 to VitaRx and Prison
Health Services
- King's "best price" lists, and all documents related to the pricing of
the Company's pharmaceutical products to any governmental Medicaid
agency during 1999
- The accrual and payment of rebates on Altace(R)(ramipril) from 2000 to
the present
- Other general requests
In conducting its preliminary review in response to notice of the SEC
investigation, management has determined that the Company's calculations related
to Medicaid reimbursement have not technically followed the prescribed
methodology pursuant to the applicable regulations. As part of this review, the
Company is taking appropriate steps to assess whether it may have overpaid or
underpaid Medicaid reimbursements.
{PAGE}
The Form 12b-25 filing, submitted to the SEC today, provides for an extension
through April 15, 2003. If King is unable to file its Form 10-K by April 15,
2003, the Company intends to make available the unaudited financial information
for the year-end 2002 along with other information typically included in the
Form 10-K.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that manufactures, markets, and sells primarily 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 management's anticipation of no material changes in
King's consolidated financial statements described in the fourth-quarter and
year-end 2002 news release on February 18, 2003, other than the one exception
described in today's press release, the anticipated asset impairment charge
resulting from the Company's decision to divest Lorabid(R), the focus of the
SEC's inquiry, and the eventual filing date of King's Form 10-K. 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 possibility that the audit committee's review may result in a determination
to restate 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 a
determination of the ultimate focus of the SEC's inquiry, including whether the
focus is limited to the areas described in this press release; and the
possibility that we may not be able to file our annual report on Form 10-K for
the year ended December 31, 2002 in the permitted fifteen-day extension period
provided by Rule 12b-25, resulting in the failure of such annual report on Form
10-K to have been filed on a timely basis. 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
10-K for the year ended December 31, 2001 and Form 10-Q for the quarter ended
September 30, 2002, which are on file with the Securities and Exchange
Commission. 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, Vice President, Corporate Affairs - 423-989-8125
EXECUTIVE OFFICES
KING PHARMACEUTICALS - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
{/TEXT}
{/DOCUMENT}
281662
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King Pharma
As referenced in this 15-Day Extension for Form 10-K Filed by King Pharmaceuticals:
KING PHARMACEUTICALS
– W S R E L E A S E
[KING LOGO]
FOR IMMEDIATE RELEASE
15-DAY EXTENSION FOR FORM 10-K FILED BY KING PHARMACEUTICALS
NO MATERIAL CHANGES ANTICIPATED IN KING'S CONSOLIDATED FINANCIAL STATEMENTS,
AS REPORTED IN YEAR-END 2002 NEWS RELEASE, EXCLUDING SPECIAL ITEMS
BRISTOL,
_____________
King Pharmaceuticals, – ANTICIPATED IN KING'S CONSOLIDATED FINANCIAL STATEMENTS,
AS REPORTED IN YEAR-END 2002 NEWS RELEASE, EXCLUDING SPECIAL ITEMS
BRISTOL, TENNESSEE, March 31, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) filed
a Form 12b-25 today providing for a 15-calendar-day extension for submitting its
Form 10-K
_____________
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
{/TEXT}
{/DOCUMENT}
_____________
dt 221473
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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)
--------------------------------------------------------------------------------
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.
(MORE)
{PAGE}
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.
{PAGE}
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
|
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'
_____________
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
{/TEXT}
{/DOCUMENT}
_____________
dt 221476
;
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
_____________
dt 206877
;
|
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,
_____________
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
_____________
dt 227005
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Full Doc
| 2003 |
King Pharmaceuticals Previously Announced Planned Acquisition of Meridian Medical Technologies Approved by Meridian Shareholders
King Pharmaceuticals Previously Announced Planned Acquisition of Meridian Medical Technologies Approved by Meridian Shareholders (2K)
Doc #281666: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}3
{FILENAME}g80119exv99w1.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS PREVIOUSLY ANNOUNCED PLANNED
ACQUISITION OF MERIDIAN MEDICAL TECHNOLOGIES
APPROVED BY MERIDIAN SHAREHOLDERS
BRISTOL, TENNESSEE, January 8, 2003 - King Pharmaceuticals, Inc. (NYSE: KG) and
Meridian Medical Technologies, Inc. (NASDAQ: MTEC) reported that the
shareholders of Meridian approved today the previously announced planned
acquisition of Meridian by King. Pursuant to the terms of the acquisition,
Meridian shareholders will receive a cash price of $44.50 per share of Meridian
common stock, totaling $247.8 million. King and Meridian expect the transaction
to close later today.
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that manufactures, markets, and sells primarily 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.
Meridian Medical Technologies, a specialty pharmaceuticals company, is a world
leader in sales of auto-injector drug delivery systems. Meridian develops health
care products designed to save lives, reduce health care costs and improve
quality of life.
# # #
Contacts:
KING: James E. Green, Vice President, Corporate Affairs
423-989-8125
MERIDIAN: Lenny Santiago, Manager, Investor Relations & Corporate Communications
443-259-7842
EXECUTIVE OFFICES
KING PHARMACEUTICALS
501 FIFTH STREET, BRISTOL, TENNESSEE 37620
MERIDIAN MEDICAL TECHNOLOGIES
10240 OLD COLUMBIA ROAD, COLUMBIA, MARYLAND 21046
{/TEXT}
{/DOCUMENT}
281666
|
King Pharma
As referenced in this King Pharmaceuticals Previously Announced Planned Acquisition of Meridian Medical Technologies Approved by Meridian Shareholders:
KING PHARMACEUTICALS – PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.1
N E W S R E L E A S E
[KING LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS PREVIOUSLY ANNOUNCED PLANNED
ACQUISITION OF MERIDIAN MEDICAL TECHNOLOGIES
APPROVED BY MERIDIAN SHAREHOLDERS
BRISTOL, TENNESSEE, January 8, 2003 - King Pharmaceuticals, Inc. (NYSE: KG) and
_____________
King Pharmaceuticals, – LOGO]
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS PREVIOUSLY ANNOUNCED PLANNED
ACQUISITION OF MERIDIAN MEDICAL TECHNOLOGIES
APPROVED BY MERIDIAN SHAREHOLDERS
BRISTOL, TENNESSEE, January 8, 2003 - King Pharmaceuticals, Inc. (NYSE: KG) and
Meridian Medical Technologies, Inc. (NASDAQ: MTEC) reported that the
shareholders of Meridian approved today the previously announced planned
_____________
KING PHARMACEUTICALS
– James E. Green, Vice President, Corporate Affairs
423-989-8125
MERIDIAN: Lenny Santiago, Manager, Investor Relations & Corporate Communications
443-259-7842
EXECUTIVE OFFICES
KING PHARMACEUTICALS
501 FIFTH STREET, BRISTOL, TENNESSEE 37620
MERIDIAN MEDICAL TECHNOLOGIES
10240 OLD COLUMBIA ROAD, COLUMBIA, MARYLAND 21046
{/TEXT}
{/DOCUMENT}
_____________
dt 221477
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| Meridian Medical Technologies, Inc.
|
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| 2003 |
King Pharmaceuticals Completes Acquisition of Meridian Medical Technologies
King Pharmaceuticals Completes Acquisition of Meridian Medical Technologies (11K)
Doc #281667: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99.2
{SEQUENCE}4
{FILENAME}g80119exv99w2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.2
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
MERIDIAN MEDICAL TECHNOLOGIES
BRISTOL, TENNESSEE, January 9, 2003 - King Pharmaceuticals, Inc. (NYSE: KG)
reported today that it has completed the previously announced acquisition of
Meridian Medical Technologies, Inc. (NASDAQ: MTEC). Pursuant to the terms of the
acquisition, Meridian shareholders will receive a cash price of $44.50 per share
of Meridian common stock, totaling $247.8 million. The acquisition represents
the combination of a premier specialty pharmaceutical company with the
innovative leader in auto-injector technology.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We
are pleased to report the completion of our acquisition of Meridian Medical
Technologies. King's acquisition of Meridian represents an excellent business
combination, providing King with additional lines of growing exclusive
pharmaceutical products, preeminent auto-injector technology, and enhanced
pipeline opportunities." Mr. Gregory continued, "Our extensive infrastructure,
including King's research and development, regulatory, manufacturing, quality
management, and sales and marketing resources, strategically complement and
enhance the potential for the continued growth of Meridian's current product
lines. Moreover, King's established capabilities expand the prospects for the
potential development of new and innovative products utilizing Meridian's
exclusive auto-injector technology. Accordingly, we believe this transaction
offers excellent opportunities for growth and should produce a very good return
for our shareholders."
As previously announced, King estimates that the acquisition of Meridian should
add approximately 2 cents to diluted earnings per share of King common stock,
excluding synergies and special charges, during 2003. King plans to provide
revised year-end 2003 projected ranges for estimated revenue and diluted
earnings per share, including quarterly projections, prior to the end of January
2003.
Meridian pioneered the development, and is the leading manufacturer, of
auto-injectors for the self-administration of injectable drugs. An auto-injector
is a pre-filled, pen-like device that allows a patient or caregiver to
automatically inject a precise drug dosage quickly, easily, safely, and
reliably. Meridian's growing pharmaceutical products include EpiPen(R), an
auto-injector filled with epinephrine for the emergency treatment of anaphylaxis
resulting from severe or allergic reactions to insect stings or bites, foods,
drugs, and other allergens, as well as idiopathic or exercise induced
anaphylaxis. Other growing products include a nerve gas antidote utilizing
Meridian's patented dual chambered auto-injector and injection process, and
auto-injectors filled with morphine for pain management and diazepam for
treatment of seizures.
Mr. Gregory added, "The market for acquisitions remains very strong, and King is
currently involved in serious discussions with respect to additional potential
product acquisition opportunities. Moreover, our Company is well positioned to
continue the successful execution of our proven growth strategies with currently
over $925 million in cash and available capacity under our revolving credit
facility remaining after our acquisition of Meridian."
(more)
{PAGE}
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that manufactures, markets, and sells primarily 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 the growth of Meridian's current lines of exclusive
pharmaceutical products, including, but not limited to, EpiPen(R), Meridian's
nerve gas antidote, and Meridian's auto-injectors filled with morphine and
diazepam, statements pertaining to the enhanced pipeline opportunities provided
King by its acquisition of Meridian, including DiaJect(R), statements pertaining
to the ability of King's extensive infrastructure and resources to enhance the
potential for growth of Meridian's current product lines, statements pertaining
to the ability of King's capabilities to expand the prospects for the potential
development of new and innovative products utilizing Meridian's exclusive
auto-injector technology, statements pertaining to opportunities for growth
created by King's acquisition of Meridian and the resulting return for King's
shareholders, statements regarding potential additional acquisition
opportunities for King, statements pertaining to King's ability to continue the
successful execution of King's growth strategies, statements pertaining to
King's acquisition of Meridian being accretive to King's earnings, and
statements pertaining to King's plan to provide revised projections for revenue
and diluted earnings per share prior to the end of January 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
management of King's growth and integration of its acquisitions, specifically
including, but not limited to, the Meridian acquisition, the ability of King to
realize potential synergies from the Meridian acquisition, dependence on King's
ability to successfully transfer the manufacture of Meridian's products to
King's existing manufacturing facilities in compliance with the requirements of
the FDA and other governmental authorities, dependence on King's ability to
continue to successfully manufacture and supply its pharmaceutical products,
dependence on growth of net sales of King's branded pharmaceutical products, in
particular, Altace(R), Levoxyl(R), and Thrombin-JMI(R), as well as revenue and
earnings per share, at a rate equal to or in excess of management's projections,
dependence on growth of net sales of Meridian's pharmaceutical products,
dependence on the ability of Dey L.P., an affiliate of Merck KgaA, to
successfully promote EpiPen(R), dependence on the successful marketing and sales
of King's and Meridian's products, dependence on King's ability to continue to
acquire branded products, including through the acquisition of other
pharmaceutical companies, the high cost and uncertainty of research, clinical
trials, and other development activities involving pharmaceutical products,
dependence on King's ability to successfully develop civilian formulations of a
nerve gas antidote utilizing Meridian's patented dual chambered auto-injector
and injection process, dependence on FDA approval of the ANDA now pending on
DiaJect(R) and King's ability to successfully continue that approval process,
dependence on King's ability to successfully develop new and innovative products
utilizing Meridian's exclusive auto-injector technology, dependence on King's
ability to successfully launch and market DiaJect(R) and civilian formulations
of a nerve gas antidote utilizing Meridian's patented dual chambered
auto-injector and injection process, the unpredictability of the duration and
results of the FDA's review of Investigational New Drug Applications, New Drug
Applications, supplemental New Drug Applications, and Abbreviated New Drug
Applications and/or the
(more)
281667
|
King Pharma
As referenced in this King Pharmaceuticals Completes Acquisition of Meridian Medical Technologies:
(KING PHARMACEUTICALS – 4
{FILENAME}g80119exv99w2.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
EXHIBIT 99.2
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
MERIDIAN MEDICAL TECHNOLOGIES
BRISTOL, TENNESSEE, January 9, 2003 - King Pharmaceuticals, Inc. (NYSE: KG)
reported
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KING PHARMACEUTICALS – RELEASE
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EXHIBIT 99.2
N E W S R E L E A S E
(KING PHARMACEUTICALS LOGO)
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FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
MERIDIAN MEDICAL TECHNOLOGIES
BRISTOL, TENNESSEE, January 9, 2003 - King Pharmaceuticals, Inc. (NYSE: KG)
reported today that it has completed the
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King Pharmaceuticals, – E A S E
(KING PHARMACEUTICALS LOGO)
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FOR IMMEDIATE RELEASE
KING PHARMACEUTICALS COMPLETES ACQUISITION OF
MERIDIAN MEDICAL TECHNOLOGIES
BRISTOL, TENNESSEE, January 9, 2003 - King Pharmaceuticals, Inc. (NYSE: KG)
reported today that it has completed the previously announced acquisition of
Meridian Medical Technologies, Inc. (NASDAQ: MTEC). Pursuant to
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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, INC - 501 FIFTH STREET, BRISTOL, TENNESSEE 37620
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Barr Reports Third Quarter 2003 EPS of $0.66
Barr Reports Third Quarter 2003 EPS of $0.66 (25K)
Doc #286420: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99.0
{SEQUENCE}3
{FILENAME}y85821exv99w0.txt
{DESCRIPTION}PRESS RELEASE
{TEXT}
{PAGE}
Exhibit 99.0
[BARR LABORATORIES, INC. LOGO]
2 Quaker Road N E W S R E L E A S E
Pomona, NY 10970
845-362-1100
CONTACT: Carol A. Cox, 845-348-6808 EMAIL: ccox@barrlabs.com
BARR REPORTS THIRD QUARTER 2003 EPS OF $0.66
Strong Oral Contraceptive Sales Drive Results
POMONA, NEW YORK, APRIL 24, 2003... Barr Laboratories, Inc. (NYSE-BRL) today
reported net earnings of $45.9 million, or $0.66 per share on a fully diluted
basis for the quarter ended March 31, 2003. This compares to net earnings of
$53.1 million or $0.78 per share on a fully diluted basis for the same period of
the prior year. Results in the quarter ended March 31, 2002 include estimated
earnings of $17 million, or $0.24 per fully diluted share, related to sales of
Fluoxetine and an after-tax charge of $1.5 million, or $0.02 per fully diluted
share, for costs related to the Company's October 2001 merger with Duramed
Pharmaceuticals, Inc.
For the first nine months of fiscal 2003, net earnings were $130.5 million, or
$1.90 per fully diluted share, compared to $165.4 million, or $2.43 per fully
diluted share for the prior year period, which included estimated earnings of
approximately $110 million, or $1.62 per fully diluted share, related to sales
of Fluoxetine and an after-tax charge of approximately $24 million or $0.35 per
share related to costs incurred in connection with the Duramed merger.
For additional information on the effect of Fluoxetine and merger-related costs
on earnings per share in the three and nine months ended March 31, 2002, please
see the reconciliation table and the discussion that follows it on the last page
of this press release.
Total revenues for the third quarter of fiscal 2003 were $172 million, compared
to total revenues of $261 million for the prior year period. Total revenues for
the first nine months of fiscal 2003 were $601 million, compared to $980 million
for the prior year period.
"Our strong operating results for the quarter were driven by significant
year-over-year sales growth from our expanding line of generic oral
contraceptives and increasing gross profit margins," said Bruce L. Downey,
Barr's Chairman and CEO. "During the quarter, the Company launched five generic
pharmaceutical products, including Nortrel(TM) 7/7/7 and Errin(TM) oral
contraceptive products, bringing to 13 the number of generic oral contraceptives
in our product portfolio."
REVENUES
Product Sales
Total product sales for the third quarter of fiscal 2003 were $169 million, as
compared to $256 million in the third quarter of fiscal 2002. For the first nine
months of fiscal 2003, total product sales were $595 million, as compared to
$963 million for the first nine months of fiscal 2002.
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Sales of the Company's generic oral contraceptive product line increased 276% to
$83 million for the quarter, as compared to $22 million for the prior year
quarter, and increased 275% to $197 million for the nine months ended March 31,
2003, as compared to $53 million for the prior year period. The strong sales
growth in the oral contraceptive product line included higher year-over-year
sales of the Company's Apri(R) and Aviane(TM) products and market share gains
from the nine oral contraceptive products launched in the last twelve months,
including initial sales from the Company's Nortrel(TM) 7/7/7 and Errin(TM)
products that were launched during the third quarter of fiscal 2003.
Sales of Cenestin(R) (Synthetic Conjugated Estrogens, A), Barr's estrogen-only
conjugated estrogen product, were $3.3 million for the quarter, as compared to
$10 million in the prior year quarter, and were $26 million for the nine months
ended March 31, 2003, versus $30 million in the prior year period. Cenestin
sales for the quarter were lower than expected and resulted from significant
customer purchases in the second quarter of fiscal 2003 in anticipation of a
December 2002 price increase and increased purchases of certain Cenestin package
styles that the Company eliminated in the second quarter of fiscal 2003.
"Despite the unexpected decline in Cenestin sales, the total number of Cenestin
prescriptions written during the third quarter were essentially in line with
those written last quarter," said Downey. "As a result, we believe that Cenestin
sales should increase significantly in the fourth quarter."
Sales of Tamoxifen, the breast cancer treatment previously distributed and now
manufactured by Barr, decreased significantly to $4.5 million for the quarter
versus $80 million in the prior year period, and decreased to $117 million for
the nine months ended March 31, 2003, versus $307 million in the prior year
period. The year-over-year decline in Tamoxifen revenues for the current periods
was due to depletion of the Company's distributed Tamoxifen product inventory in
December 2002 and the inability to launch its manufactured Tamoxifen product
prior to the February 20, 2003 expiration of AstraZeneca's pediatric exclusivity
for its Nolvadex(R) brand product. The Company launched its manufactured version
of Tamoxifen Citrate, 10 mg and 20 mg Tablets, on February 20, 2003 along with
several other generic competitors.
Sales of Fluoxetine decreased from $54 million in the quarter ended March 31,
2002 to $1.3 million for the current quarter, and decreased from $365 million
for the nine months ended March 31, 2002 to $5 million for the nine months ended
March 31, 2003. This expected decline reflects the impact of the introduction of
additional generic versions of Fluoxetine by competitors upon expiration of the
Company's exclusivity period on January 29, 2002.
Development and Other Revenue
During the third quarter of fiscal 2003, the Company reported development and
other revenue of $3 million, compared to $5 million for the prior year period.
For the nine months ended March 31, 2003, development and other revenue totaled
$6 million, as compared to $16 million in the prior year period. Revenues for
the quarter were primarily related to reimbursable R&D costs associated with the
urinary incontinence vaginal ring product currently in development and
reimbursement from the U.S. Department of Defense for the Company's Adenovirus
vaccine product currently in development.
Proceeds from Patent Challenge Settlement
Proceeds from patent challenge settlement were $8.6 million in the third quarter
of fiscal 2003, compared to $7.9 million for the prior year period, and were $26
million in the nine months ended March 31, 2003, as compared to $24 million in
the prior year period.
{PAGE}
MARGINS
Margins on product sales for the third quarter of fiscal 2003 increased to 67%,
up from 46% in the prior year period. For the first nine months of fiscal 2003,
margins increased to 56%, up from 41% in the prior year period. The increases in
the quarter and for the first nine months reflect increasing sales of higher
margin manufactured products, a significant reduction in sales of Fluoxetine,
which carries a lower margin as a result of a profit split with a partner, and a
significant reduction in sales of the Company's Tamoxifen distributed product,
which the Company distributed at a lower margin than its manufactured products
until February 2003 when it launched its manufactured version of Tamoxifen.
UPDATE ON R&D ACTIVITIES
Investment in R&D was $21 million for the third quarter of fiscal 2003, compared
to $19 million for the same period last year, and $65 million for the nine
months ended March 31, 2003, compared to $54 million for the prior year period.
The increase in R&D expenses in the quarter ended March 31, 2003 was primarily
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King Pharma
As referenced in this Barr Reports Third Quarter 2003 EPS of $0.66:
King Pharmaceuticals, – generic products.
The Company currently has 31 ANDAs pending at the FDA. During the quarter, Barr
received approval for the generic version of King Pharmaceuticals, Inc.'s
Florinef(R) Acetate Tablets; the generic version of AstraZeneca Pharmaceutical,
Inc.'s Nolvadex(R); and a generic version of additional
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Cephalon
As referenced in this Barr Reports Third Quarter 2003 EPS of $0.66:
Cephalon, Inc – treatment may not be indicated for all children with ADHD.
In April 2003, the Company announced the initiation of a patent challenge for
Cephalon, Inc .'s Provigil(R) (Modafinil), 100 mg and 200 mg Tablets. Provigil is
indicated to improve wakefulness in patients with excessive daytime sleepiness
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Shire Labs
As referenced in this Barr Reports Third Quarter 2003 EPS of $0.66:
Shire Laboratories, Inc – under the trademark Nortrel(TM) 7/7/7.
Patent Challenges
In February 2003, the Company announced the initiation of a patent challenge for
Shire Laboratories, Inc . Adderall XR(TM) Capsules, 5 mg, 10 mg, 15 mg, 25 mg
and 30 mg. Adderall XR is indicated as an integral
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Wyeth
As referenced in this Barr Reports Third Quarter 2003 EPS of $0.66:
Wyeth – and investments in information
technology projects.
BUSINESS DEVELOPMENT
In December 2002, the Company announced that it had signed a letter of intent
with Wyeth to acquire the rights to three currently marketed products and an
option to acquire the rights to Wyeth's Aygestin(R) progestin product.
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Wyeth' – a letter of intent
with Wyeth to acquire the rights to three currently marketed products and an
option to acquire the rights to Wyeth' s Aygestin(R) progestin product. Also
under terms of the letter of intent, Barr would acquire a license for a late
stage development
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Wyeth – progestin product. Also
under terms of the letter of intent, Barr would acquire a license for a late
stage development oral contraceptive product.
Wyeth and Barr Laboratories have agreed that, following the closing, they will
terminate the litigation relating to the anti-trust suit filed in September
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Wyeth. – agreed that, following the closing, they will
terminate the litigation relating to the anti-trust suit filed in September 2000
by Duramed against Wyeth.
The transaction is subject to completion of due diligence and other conditions,
and approval by the Boards of Directors of both Barr
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Wyeth, – The transaction is subject to completion of due diligence and other conditions,
and approval by the Boards of Directors of both Barr and Wyeth, and is now
expected to close later this quarter. The Company also noted that excluding the
impact of charges associated with the
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