To all, from BW: BW0127 APR 08,1997 8:00 PACIFIC 11:00 EASTERN
( BW)(SYNCOR)(SCOR)(GPHI) Syncor completes acquisition of Iodine-123
business from Golden Pharmaceuticals Inc.
Business/Health Editors
WOODLAND HILLS, Calif.--(BW HealthWire)--April 8, 1997--Syncor
International Corp. (NASDAQ:SCOR) Tuesday announced it has acquired
all of the assets related to the Iodine-123 business of Golden
Pharmaceuticals Inc. (OTC:GPHI).
On Feb. 3, 1997, the company announced it had signed a letter of
intent for the purchase. Iodine-123 is a nuclear medicine product
used to diagnose thyroid disorders and is distributed nationally
by Syncor International.
Included in the acquisition is the New Drug Application ("NDA")
for Iodine-123 capsules, the building that contains the
manufacturing facility for the Iodine-123 capsules and all the
equipment related to the iodine business.
Additionally, included with the acquired assets are several
inactive New Drug Applications for which Syncor is currently
evaluating as potential new business opportunities. The new entity
will be the manufacturing arm for Syncor International and will
operate under the name of Syncor Pharmaceuticals Inc., a wholly owned
subsidiary of Syncor.
Syncor International compounds and dispenses radiopharmaceutical
products -- in patient specific unit doses and multi-dose form --
for use in diagnostic imaging and therapy. Syncor distributes these
time-critical products through an expanding network of nuclear
pharmacy service centers -- 120 domestic and 10 international.
This network services 7,000 customers, is the only one of its
kind providing both diagnostic and information services to hospitals
and alternate site nuclear medicine facilities nationwide.
Additionally, Syncor is broadening its business base beyond its
core commercial radiopharmacy operations. Through a joint venture
announced in February 1997, Syncor plans on expanding its presence
in the medical imaging field.
Syncor anticipates operating 10 "open" MRI (magnetic resonance
imaging) centers across the United States during the first year of
operations. In addition, Syncor has entered the radiopharmaceutical
manufacturing field with the purchase of an Iodine-123 business.
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Investor Web site: stockprofiles.com
News on Demand: 800/546-8172
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CONTACT: Syncor International Corp., Woodland Hills
Mary L. Meusborn, 818/737-4643
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