Heritage and Banner Enter Into Generic Product Licensing Agreement
Posted on: Tuesday, 8 January 2008, 06:00 CST
EDISON, N.J., Jan. 8 /PRNewswire/ -- Heritage Pharmaceuticals Inc. ("Heritage") and Banner Pharmacaps Inc. ("Banner") announced today that they have entered into a licensing and supply agreement for multiple generic, pharmaceutical softgel products for the U.S. prescription drug market. Banner has developed and is in the process of registering the products for the United States market, and under the agreements Heritage is granted exclusive sales and marketing rights to the products. The parties shall share net profits from the sales proceeds post-launch.
Commenting on the agreement, Heritage President & CEO, Jeffrey Glazer, stated, "Our strategic partnership with Banner represents an important portfolio expansion into a value added product segment. Banner's expertise in softgel products will enable Heritage to differentiate its product line while providing high barrier products to the marketplace." Dr. Roger Gordon, President and CEO of Banner said, "Banner is continuing to develop its pipeline utilizing innovative gelatin-based delivery technologies. We have great confidence that Heritage will ensure a successful commercialization of our products."
About Heritage
Heritage Pharmaceuticals Inc. is an emerging generic pharmaceutical company engaged in the acquisition, licensing, development, marketing, sale and distribution of generic pharmaceutical products for the global prescription drug markets. Heritage launched its U.S. label in 2006 and currently markets 4 products over 15 SKU's. The Company will continue to introduce its acquired multi-source generic product line during 2008 following its tradition of premier quality, value and service in generics.
About Banner
Banner Pharmacaps Inc. is a global drug delivery and specialty pharmaceutical company which continues to develop a proprietary portfolio of unique products and oral dosage forms, including softgels and Soflet(R) Gelcaps. Headquartered in High Point, North Carolina, Banner is committed to the research, development, and manufacture of quality healthcare products to serve our global community. Additional information about Banner is available at http://www.banpharm.com/.
The parent company of Banner is VION N.V., an international food group that produces high-quality foodstuffs and ingredients for humans and animals. The group consists of three operating divisions: Ingredients, Fresh Meat and Convenience. VION has annual sales of EUR 7.4 Billion, with 15,150 employees worldwide. The head office of VION is in Son en Breugel, The Netherlands.
Heritage Pharmaceuticals Inc.
CONTACT: Jeffrey A. Glazer, President & CEO of Heritage PharmaceuticalsInc., +1-866-901-1230, bd@heritagepharma.com, or Hank Nowak, Sr. Principal,Business Development of Banner Pharmacaps Inc., +1-336-812-7041,hpnowak@banpharm.com
Web site: http://www.heritagepharma.com/http://www.banpharm.com/
Source: PRNewswire
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