News Release:
FULL TEXT-Biovail (TSE:BVF) in deals with Lundbeck
Reuters, Tuesday, January 19, 1999 at 08:12
(Full text of press release from Canadian Corporate News)
JANUARY 19, 1999
Biovail and Lundbeck Sign Agreements On Celexa; Biovail to Develop
Controlled Release Citalopram for Worldwide Markets; Companies to Co-Promote
Celexa in Canada
TORONTO, ONTARIO--Biovail Corporation International today announced that it
has entered into a multi-facetted agreement with H. Lundbeck A/S of Copenhagen,
Denmark for the development of a novel controlled-release formulation of the
anti-depressant Citalopram, marketed under the trade mark Celexa in the U.S.A.
Under the terms of the agreement, Biovail will develop, manufacture and supply
a controlled-release ("CR") version of Citalopram for commercial exploitation
by Lundbeck or its licensees worldwide. Lundbeck will pay Biovail product
development fees and an agreed supply price upon commercialization of the
Citalopram CR formulation.
In addition, Biovail and Lundbeck have entered into an agreement whereby
Crystaal, Biovail's marketing division in Canada, will co-promote the immediate
release version of Citalopram ("Celexa") in collaboration with Lundbeck Canada
Inc. Crystaal will promote Celexa to primary care physicians and will receive
co-promotion fees for contributing to the marketing of Celexa in Canada.
Regulatory approval of Celexa in Canada is expected shortly.
Citalopram, an anti-depressant, belongs to a class of drugs known as SSRIs
("Selective Serotonin Reuptake Inhibitors"). A highly selective serotonin
reuptake inhibitor, Citalopram is the best selling anti-depressant in 13
countries, including eight in Europe, and has been introduced in more than 60
countries worldwide under several trade names including Celexa, Cipramil and
Seropram. The worldwide market for such anti-depressants is estimated to be in
excess of U.S. $7 billion annually, growing at a rate of 17 percent. Citalopram
is a leading anti-depressant in Europe, growing at a rate of 28 percent
annually. Compared to many other SSRIs, Citalopram has an improved side effect
profile and a lower incidence of drug interactions when taken concurrently with
other medications.
Eugene Melnyk, Chairman of the Board, commented: "These agreements between
Lundbeck and Biovail are very significant. H. Lundbeck A/S is a premier company
involved in the development and marketing of products for the treatment of
psychiatric disorders. Biovail's novel drug delivery technologies combined with
a leading anti-depressant such as Citalopram will help position Lundbeck's
Citalopram as one of the leading anti-depressants worldwide. In addition, the
co-promotion of Celexa by Crystaal, in collaboration with Lundbeck Canada Inc.,
will significantly increase Celexa's growth and market penetration in the
Canadian market."
Clinical depression is a biologically based illness that affects more than
one in 10 Americans, and is associated with greater levels of physical and
social impairment than other chronic conditions such as asthma and heart
disease. Citalopram has been proven effective and well tolerated in clinical
trials involving more than 23,000 Citalopram-treated patients as well as by a
decade of clinical use during which more than eight million people in 64
countries have been treated with Citalopram.
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.
Crystaal, a division of Biovail Corporation International, is engaged in
the registration, marketing and distribution of branded pharmaceutical products
developed by Biovail or acquired from third parties worldwide. Crystaal is
currently marketing Tiazac(R), Biovail's once daily diltiazem formulation and
Retavase(R), for the treatment of heart attacks and has secured the exclusive
marketing rights to Brexidol(TM), a once-daily analgesic product, Corlopam(TM),
an antihypertensive agent for in-hospital use and d-methylphenidate, a chiral
preparation for the treatment of Attention Deficit Hyperactivity Disorder.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995. To the extent any statements made in this release contain information
that is not historical, these statements are essentially forward looking and
are subject to risks and uncertainties, including the difficulty of predicting
FDA and TPD approvals, acceptance and demand for new pharmaceutical products,
the impact of competitive products and pricing, new product development and
launch, reliance on key strategic alliances, availability of raw materials, the
regulatory environment, fluctuations in operating results and other risks
detailed from time to time in the company's filings with the Securities and
Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Biovail Corporation
Eugene Melnyk
(416) 285-6000
or
Biovail Corporation
Kenneth Howling
(416) 285-6000
Copyright 1999, Reuters News Service
Companies or Securities discussed in this article:
Symbol Name
TSE:BVF Biovail Corporation International
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