GENSIA SICOR ANNOUNCES AMENDED MANUFACTURING AND DISTRIBUTION AGREEMENT WITH
Baxter Pharmaceutical Products Inc.
IRVINE, Calif., March 24 /PRNewswire/ -- Gensia Sicor Inc. (Nasdaq: GNSA) today announced that its wholly owned subsidiary, Gensia Sicor Pharmaceuticals, Inc., has granted Baxter Pharmaceutical Products Inc., a wholly owned subsidiary of Baxter Healthcare Corporation, exclusive rights to market and sell propofol injectable emulsion manufactured by Gensia Sicor Pharmaceuticals within the United States under an amendment to a previously announced manufacturing and distribution agreement. Gensia Sicor Pharmaceutical's generic version of propofol, an intravenous sedative hypnotic agent used for anesthesia or sedation, was approved for marketing by the Food and Drug Administration ("FDA") in January 1999. Under the terms of the amended agreement, Baxter will purchase 100% of its market requirement from Gensia Sicor Pharmaceuticals.
Michael D. Cannon, president of Gensia Sicor Pharmaceuticals, commented, "The approval of propofol in January of this year was an important milestone for our company. We overcame significant challenges to achieve this event, both in the development of our formulation and in the rigorous regulatory process. We are extremely proud of the fact that Gensia Sicor was the first company to earn FDA marketing approval for a generic version of propofol.
"We understood long ago that establishing a significant market presence for propofol would require a strategic alliance with a strong marketing partner," continued Cannon. "We set out to align ourselves with a company which had established relationships with key group purchasing organizations, an outstanding sales force and a strong presence in the hospital marketplace with a focus an anesthesia and critical care products. We believe that Baxter, a recognized market leader in these areas, is well positioned to quickly introduce our product into the marketplace."
"By strengthening our alliance with Baxter, we now have two significant marketing arrangements which reinforces our initiative to broaden our presence in the marketplace," concluded Cannon. "With high quality products and a growing generic pipeline, we believe we are on the right track in our efforts to improve our sales results and build for the future."
According to IMS, a market research firm, U.S. sales of propofol were approximately $300 million in 1998 and $650 million worldwide. The branded product, DIPRIVAN(R) Injectable Emulsion with disodium edetate is marketed by Zeneca Inc.
Gensia Sicor Inc. is a vertically integrated pharmaceutical company with proven expertise in the development, manufacturing and marketing of injectable pharmaceuticals and in the production of specialty bulk drug substances utilizing synthesis or fermentation. The company is focused on the worldwide oncology and injectable pharmaceutical markets. Gensia Sicor's commercial pharmaceutical businesses include Gensia Sicor Pharmaceuticals, Inc., a California-based manufacturer and marketer of multisource injectable drugs, SICOR-Societa Italiana Corticosteroidi S.p.A. and Diaspa S.p.A., both of Milan Italy, and Sicor de Mexico, S.A. de C.V. in Toluca, Mexico all which produce specialty bulk drug substances, and Lemery, S.A. de C.V. in Mexico City which manufactures injectable and oral finished multisource drug products. Gensia Sicor's company offices are located in Irvine, CA.
This press release contains forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements, including whether Gensia Sicor's generic version of propofol will have any market acceptance, whether Gensia Sicor will recognize any significant sales of propofol and those matters set forth in the risk factors section of Gensia Sicor's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission. These forward looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward looking statements.
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SOURCE Gensia Sicor Inc.
-0- 03/24/99 /CONTACT: Laurie W. Little of Gensia Sicor Inc., 949-455-4879; or Carolyn Bass or Jim Byers, 415-296-7383, or Patricia Walsh or Mark Owen, 212-850-5600, all of Morgen-Walke Associates, Inc. for Gensia Sicor Inc./
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/Web site: http://www.gensiasicor.com/ (GNSA) CO: Gensia Sicor Inc.; Gensia Sicor Pharmaceuticals, Inc.; Baxter
Pharmaceutical Products Inc.; Baxter Healthcare Corporation; Zeneca Inc.;
SICOR-Societa Italiana Corticosteroidi S.p.A.; Diaspa S.p.A.; Sicor de Mexico, S.A. de C.V.; Lemery, S.A. de C.V. ST: California, Italy, Mexico IN: MTC HEA SU: LIC