BNT/What a deal with Perrigo. :+ )
11/03 09:51 Bentley Pharmaceuticals and Perrigo Company Announce Multi Product Collaboration
EXETER, N.H. and Allegan, Mich., Nov. 3 /PRNewswire-FirstCall/ -- Bentley Pharmaceuticals, Inc. (NYSE: BNT), a technology-based specialty pharmaceuticals
and drug delivery company, and Perrigo Company (Nasdaq: PRGO), the nation's
largest manufacturer of over-the-counter (OTC) pharmaceutical and nutritional
products for the store brand market, announced today that they have entered into
a product development, license and manufacturing agreement. Perrigo has agreed
to co-develop, market and sell in the U.S., and potentially other markets,
selected products produced by Bentley's active pharmaceutical ingredients (API)
manufacturing facility and finished dosage forms produced by Bentley's
manufacturing subsidiary, Laboratorios Belmac.
Under the agreement, Abbreviated New Drug Applications (ANDAs) for the co- developed products will be submitted by Perrigo to the U.S. Food and Drug
Administration (FDA). The two companies have identified certain prescription
drugs for co-development and commercialization that are no longer under patent
protection or are soon to lose patent protection in the U.S. The specific
products have not been disclosed for competitive reasons.
James R. Murphy, Bentley's Chairman and CEO, commented, "Moving into the U.S. market is a key step in our growth strategy that will position us in the largest
pharmaceutical market in the world, while maximizing production and sales from
our manufacturing facilities in Spain. Worldwide annual sales of each branded
drug selected by Perrigo and Bentley are in the multi-billion dollar range
according to IMS data. Perrigo, which announced its intentions in late 2003 to
expand into the generic prescription marketplace, is the national leader in the
supply of OTC pharmaceuticals to retail drug, food and mass merchandise chains
under their own labels in the U.S., and we are delighted to have partnered with
such a well established and respected company."
Mark P. Olesnavage, Executive Vice President and General Manager, Perrigo Pharmaceuticals, stated, "Perrigo is pleased with the opportunity to partner
with Bentley and build upon the strengths of both companies in manufacturing,
packaging and marketing. We anticipate Bentley's vertical integration with
their API manufacturing will provide us with a competitive cost position and
bring us significant drugs for the generic prescription market. We believe
these drugs could also provide a strong position in the future for Perrigo's OTC
business as well."
About Bentley
Bentley Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on advanced drug delivery technologies and pharmaceutical products. Bentley's
proprietary drug technologies enhance or facilitate the growing portfolio of
generic and branded pharmaceuticals in Europe for the treatment of
cardiovascular, gastrointestinal, infections and neurological diseases through
its subsidiaries, Laboratorios Belmac, Laboratorios Davur and Laboratorios
Rimafar; and manufactures and produces active pharmaceutical ingredients through
its subsidiary, Bentley API. Additional information may be obtained through
Bentley's web site at bentleypharm.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, including without
limitation, statements regarding Bentley's planned development and distribution
of generic prescription pharmaceuticals in the U.S. and the prospects for the
size of the market for that business. These forward-looking statements are
subject to a number of risks and uncertainties that could cause actual results
to differ materially from future results expressed or implied by such
statements. Factors that may cause such differences include, but are not
limited to risks associated with expanding generic and branded drug operations,
development and commercialization of our products, the effects of economic
conditions, risks associated with international operations, competition from
other manufacturers of generic and proprietary pharmaceuticals and other
uncertainties detailed in Bentley's most recent Annual Report on Form 10-K and
its other subsequent periodic reports filed with the Securities and Exchange
Commission. Bentley cautions investors not to place undue reliance on the
forward-looking statements contained in this release. These statements speak
only as of the date of this document, and Bentley undertakes no obligation to
update or revise the statements, except as may be required by law.
About Perrigo
Perrigo Company is the nation's largest manufacturer of over-the-counter ( non-prescription) pharmaceuticals and nutritional products sold by supermarket,
drug, and mass merchandise chains under their own labels. The Company's
products include over-the-counter pharmaceuticals such as analgesics, cough and
cold remedies, gastrointestinal, and feminine hygiene products, nutritional
products, such as vitamins, nutritional supplements and nutritional drinks.
Visit Perrigo on the Internet (http://www.perrigo.com).
Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created thereby. These statements
relate to future events or the Company's future financial performance and
involve known and unknown risks, uncertainties and other factors that may cause
the actual results, levels of activity, performance or achievements of the
Company or its industry to be materially different from those expressed or
implied by any forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may," "will," "could," "
would," "should," "expect," "plan," "anticipate," "intend," "believe," "
estimate," "predict," "potential," or other comparable terminology. Please see
the "Cautionary Note Regarding Forward-Looking Statements" on pages 27-33 of the
Company's Form 10-K for the year ending June 26, 2004 for a discussion of
certain important factors that relate to forward-looking statements contained in
this press release. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. Unless otherwise
required by applicable securities laws, the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE Bentley Pharmaceuticals, Inc. /CONTACT: Ernest J. Schenk, Manager, Investor Relations andCommunications of Perrigo Company, +1-269-673-9212, eschenk@perrigo.com; orMichael D. Price, Vice President, and Chief Financial Officer of BentleyPharmaceuticals, Inc., +1-603-658-6100; or Investors - Jonathan Birt, or LanieFladell, or Sean Leous, all of Financial Dynamics, +1-212-850-5600, forBentley Pharmaceuticals, Inc./ /Web site: bentleypharm.com perrigo.com / (BNT PRGO)
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