Teva Pharmaceutical Industries Ltd. announced that effective as of today it has received all product rights relating to Purinethol for the United States, including Puerto Rico, and Canada from GlaxoSmithKline.
This product transfer results from the previously announced settlement of all litigation pending between Teva and GlaxoSmithKline relating to the patent actions regarding nabumetone, the generic version of GSK's Relafen, and the antitrust claims asserted by Teva relating to such patent litigation.
The US Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period relating to this transaction. Purinethol is indicated as a treatment for leukemia and had North American sales of approximately $87 million for the 12-month period ended March 2003 according to IMS.
Marketing of Purinethol will be handled by GATE Pharmaceuticals, a division of Teva Pharmaceuticals USA., and by Novopharm, Teva's subsidiary in Canada.
In connection with this transaction, Teva will record a one-time gain of approximately $100 million, which will be reflected in the Company's earnings for the just completed second quarter ended June 30, 2003.
Teva and GSK will share gross profits from the sale of Purinethol going forward at rates that may vary according to the terms of the agreement. Further details regarding this settlement remain confidential.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 30 pharmaceutical companies and among the largest generic pharmaceutical companies in the world.
Close to 90 percent of Teva's sales are in North America and Europe. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
