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Biotech / Medical : Elan Corporation, plc (ELN)
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To: Icebrg who wrote (1355)12/14/2001 5:27:01 AM
From: Icebrg  Read Replies (1) of 10345
 
Par Pharma,Elan Corp To Develop Modified Release Drugs

SPRING VALLEY, N.Y. -- Pharmaceutical Resources Inc.'s (PRX) Par Pharmaceutical unit signed an agreement with Elan Corp. (ELN) to develop a range of modified release drugs over the next 5 years.

Financial terms weren't disclosed.

Under the terms of the agreement, the companies will identify two drug candidates for development at the beginning of each year, beginning in the first quarter.

According to a press release Wednesday, Elan will be responsible for the development and manufacture of all products, while Par Pharmaceutical will be responsible for marketing, sales and distribution.

Par Pharmaceutical will reimburse Elan for research and development costs and Elan will receive a royalty from the sale of the products.
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