one of probably many of this type:
BW0099 AUG 10,1999 5:14 PACIFIC 08:14 EASTERN
( BW)(FL-IVAX)(IVX) IVAX Subsidiary Signs Agreement to Develop Generic Versions of Biotech Products
Business Editors
MIAMI--(BUSINESS WIRE)--Aug. 10, 1999--IVAX Corporation (AMEX:IVX) today announced that Baker Norton Pharmaceuticals, Inc., its U.S.-based
innovative research and development subsidiary, has entered into an agreement with privately-held Indiana Protein Technologies, Inc. (IPT) to use their recombinant
technology to develop a number of generic peptide-based biotech pharmaceutical products.
Baker Norton will be responsible for any clinical support needed for regulatory approvals and will have all rights to commercialize the products worldwide.
Under the agreement, Baker Norton will finance the development work and then pay IPT royalties when the products come to market. IVAX Corporation will
also receive a minority equity interest in IPT, with options to increase its equity position over time.
Dr. Phillip Frost, chairman and chief executive officer of IVAX Corporation, commented, "We, at IVAX, are delighted to work with the skilled and experienced
team at IPT to develop a line of generic biotech products whose brand name equivalents comprise an increasing share of the overall world pharmaceutical market. In
1998, global sales of these products reached approximately $6 billion. IPT's particular expertise should permit us to achieve our goal of being a very early entrant
into this market as patents expire."
IVAX Corporation, headquartered in Miami, is a holding company with subsidiaries engaged in the research, development, manufacture and marketing of
branded and generic pharmaceuticals in the U.S. and international markets. |
