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Monday March 5, 7:02 am Eastern Time
Press Release
NaPro Signs Paclitaxel Agreement for Europe
BOULDER, Colo.--(BW HealthWire)--March 5, 2001--NaPro BioTherapeutics, Inc. (Nasdaq:NPRO - news) today announced that it has signed a marketing and distribution agreement with F. H. Faulding & Co. Limited covering the distribution of NaPro paclitaxel in Europe. The agreement adds to existing arrangements between the two companies providing for the sale by Faulding of ANZATAX(TM) brand paclitaxel throughout Australia, Asia, South Africa, the Middle East and Latin America.
Under the agreement, NaPro will be responsible for regulatory filings and will supply paclitaxel raw material exclusively to Faulding to formulate and finish the product at its facility located in Mulgrave, Victoria. The final proprietary paclitaxel formulation will then be marketed and sold by Faulding in Europe. Under the agreement, Faulding will pay an upfront licensing fee to NaPro of $7.5 million and the parties will share equally in the net sales of the product in the new territories.
Mr. Frank Condella, President & Chief Executive Officer, Faulding Pharmaceuticals, said ``The ANZATAX(TM) product is a successful and strategically important one for Faulding Pharmaceuticals in Australia, as well as countries in Asia, the Middle East and increasingly in Latin America. Our success with the product to date in this broad and diverse range of countries gives us every confidence that we will obtain good returns from it in Europe. We are pleased to extend our strong relationship with NaPro to this large market and to continue to build both our core oncology franchise and our branded product portfolio.''
Faulding is a worldwide health and personal care company which is publicly listed on the Australian Stock Exchange. Faulding's principal businesses are oral and injectable generic and branded pharmaceuticals, consumer health products, the provision of distribution and retail management services to pharmacies and logistics management services to hospitals. Faulding markets its products and is represented in more than 70 countries.
NaPro BioTherapeutics, Inc., headquartered in Boulder, Colorado, is a biopharmaceutical company focused on the development, production and licensing of complex natural-product pharmaceuticals as well as the development and licensing of novel genetic technologies for applications in agribiotechnology, pharmacogenomic, and human therapeutic and diagnostic applications.
Taxol® is a trade mark of Bristol-Myers Squibb Corporation ANZATAX(TM) is a trade mark of F H Faulding & Co Limited
Except for the historical matters contained herein, statements in this press release are forward looking. Such forward-looking statements include the ability to successfully complete regulatory filings and if such filings are approved, the level of sales that may be achieved. Such forward-looking statements involve known and unknown risks that may cause actual results of NaPro to be materially different from the results suggested by such forward-looking statements. Among the factors that could affect matters are all aspects of competition from Bristol-Myers Squibb Company and other producers of paclitaxel and other drugs, delays with regulatory authorities, limitations on the ability to market NaPro paclitaxel because of the intellectual property rights of third parties, and the amount and timing of paclitaxel sold to NaPro's marketing partners. Reference is also made to other factors discussed in NaPro's quarterly report on Form 10-Q for the quarter ended September 30, 2000, its annual report on Form 10-K for the year ended December 31, 1999 and its registration statement filed December 1, 2000. These factors are not intended to be an all-inclusive enumeration of the business risks faced by NaPro. Statements included in this press release represent NaPro's views as of the date of this release, and it should not be assumed that the statements made herein remain accurate as of any future date. NaPro does not intend to update these statements and undertakes no duty to any person to affect any such update under any circumstance. |
