As I said yesterday, I just don't see anything negative on the horizon...
Tuesday November 16, 8:40 am Eastern Time
Company Press Release
Catalytica Pharmaceuticals Extends Supply Agreement With
Glaxo Wellcome
MOUNTAIN VIEW, Calif.--(BW HealthWire)--Nov. 16, 1999--Catalytica Pharmaceuticals, Inc., a subsidiary of
Catalytica, Inc. (Nasdaq:CTAL - news), and Glaxo Wellcome Inc. (NYSE:GLX - news) announced today that
they have signed an amendment to their supply agreement for increased production levels of certain products in
Catalytica's Chemical Manufacturing Operation in Greenville, North Carolina.
The amendment has the potential to contribute approximately $65 million in revenues to Catalytica Pharmaceuticals, $14 million of which has been or is
expected to be realized in 1999, and the remainder in 2000. As part of the agreement, Glaxo Wellcome is also reimbursing Catalytica for purchase of capital
equipment to modify the Greenville, North Carolina chemical manufacturing facility to add flexibility to its existing capacity.
Dr. Gabriel Cipau, president and CEO of Catalytica Pharmaceuticals, commented, ``While we had planned for this continued business in our revenue
assumptions for 2000, we welcome the extension of this agreement, along with the previous amendments announced in March 1999 and June 1998 for
continued production of Glaxo Wellcome products in both the chemical manufacturing and the pharmaceutical production areas, as evidence of the further
strength of our relationship with Glaxo Wellcome and their confidence in our manufacturing capabilities.'
Catalytica Pharmaceuticals, Inc., a subsidiary of Catalytica, Inc., provides the pharmaceutical and biotech industries with comprehensive skills and
demonstrated commercial experience in a broad spectrum of areas extending from process development through drug development, formulation,
manufacturing and packaging. Since the acquisition of the Greenville Facility from Glaxo Wellcome in 1997, Catalytica has entered into over 40 new
agreements for the development and manufacture of products for various pharmaceutical and biotech companies. In anticipation of additional business, it has
expanded its chemical manufacturing facility and is currently expanding its sterile facility. It is the largest independent, fully integrated drug development and
manufacturing supplier in the world. |
