News Release:
Thursday October 14, 08:04 AM Eastern time
Company Press Release
BVF.) Biovail and Elan Sign Generic Adalat CC Agreement; Biovail to Accelerate Launch of Adalat CC'S 30mg Dosage
TORONTO--(BW HealthWire)--Oct. 14, 1999--Biovail Corporation International (NYSE,TSE:BVF) announced today the acquisition of exclusive marketing rights for the U.S. to Elan Corporation plc's generic versions of Adalat(R) CC in return for certain upfront payments and future royalties. Adalat(R) CC, a Nifedipine product, is prescribed for the treatment of hypertension. Adalat(R) CC had brand sales in excess of 350 million for the twelve months ended June 30, 1999.
As a result of this acquisition, Biovail, through its U.S. exclusive marketing subdistributor, Teva Pharmaceuticals USA, will , by launching Elan's 30mg product, be able to market a generic version of Adalat(R) CC's 30 mg dosage strength six months earlier than scheduled.
In addition, Biovail was the first to file, and has received tentative FDA approval for, a generic version of Adalat(R) CC's 60 mg dosage strength. As a result, Biovail will enjoy six months of marketing exclusivity after commercial launch.
Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies.
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