SCHWARZ PHARMA Buys Lorans for Italy From Searle
MONHEIM, Germany--(BW HealthWire)--Dec. 18, 1998--On December 15, 1998 SCHWARZ PHARMA SpA, the Italian subsidiary of SCHWARZ PHARMA AG, bought from Monsanto Italiana SpA, which includes the company's Searle Pharmaceutical division, all product rights for Lorans(R), including its trade name, for an undisclosed sum. The deal will become effective on January 1, 1999.
Lorans(R) is a well established brand in the Italian market and includes the benzodiazepine Lorazepam. The product demonstrates ideal pharmacological features for the treatment of anxiety conditions and is characterized by high brand loyalty of prescribers and patients. Turnover in Italy for 1998 is approximately 15 Billion Lira ($9 million).
The acquisition of Lorans(R) increases SCHWARZ PHARMA's sales in Italy by 20 percent. It is an important strategic step in building more critical mass in Europe's third largest market. Furthermore, the deal generates high synergy effects regarding the marketing and distribution of Lorans(R). SCHWARZ PHARMA will use its current sales force to market the product, as Lorans(R) is primarily prescribed by general practitioners, which at present is SCHWARZ PHARMA's main target group.
The divestiture of Lorans(R) by Searle will improve the strategic focus of their Italian product portfolio as Searle prepares for the launch of a number of important new products from the research pipeline.
SCHWARZ PHARMA AG has its headquarters in Monheim, Germany. In 1997 the company generated sales of DM 1.27 billion worldwide. Primarily active in the field of cardiovascular, urological and gastro-intestinal indications, SCHWARZ PHARMA searches and develops innovative pharmaceutical products and therapies that address unmet medical needs. The SCHWARZ Group markets its products through joint ventures, affiliated companies and special partnerships in Germany, France, Italy, Great Britain, the USA, Poland and China. There are also licensing agreements for SCHWARZ PHARMA products in 50 countries worldwide.
Searle, a global leader in arthritis products, is the pharmaceutical sector of Monsanto Company. Searle develops, produces, and markets prescription pharmaceuticals, including major products to treat arthritis, cardiovascular disease and cancer and its complications, and to promote women's health.
CONTACT:
Schwarz Pharma, Inc.
Jo Schmidt, 414/238-5704 (PR Manager)
jschmidt@schwarzusa.com
Ann Hennecke, 49/2173/48-1414 (Corporate Communications)
info@schwarzpharma.com
or
Monsanto/Searle
Lori Fisher, 314/694-8535 (Public Affairs) |
