Cypress Pharmaceutical, Inc. And Standard Chem. & Pharm. Co., Ltd. Enter into Development and Marketing Agreement
Posted on: Thursday, 10 January 2008, 12:00 CST
Cypress Pharmaceutical, Inc., today announced that it has entered into a multiple generic product development and marketing agreement with Standard Chem. & Pharm. Co., Ltd., (TAIWAN:1720), a global pharmaceutical company. The agreement encompasses the development and US commercialization of an estimated 3.4 billion dollars in product market capitalization.
Max Draughn, Cypress Pharmaceutical's CEO said, "We are very pleased Standard has chosen to partner with us and utilize Cypress' strong US marketing position. As a seasoned global pharmaceutical company with significant experience in development and manufacturing, Standard is a complementary and compelling partner with Cypress."
Under the terms of the agreement, Standard Chem. & Pharm. Co., Ltd., has the exclusive development and manufacturing rights and Cypress Pharmaceutical, Inc., has exclusive US marketing rights of the generic drug products. Other financial terms of the agreement have not been disclosed.
Cypress Pharmaceutical, Inc.
Cypress Pharmaceutical, Inc., founded in 1993, is a specialty pharmaceutical company that develops, markets and distributes generic prescription pharmaceutical products to leading national pharmaceutical wholesalers, chain drug stores, distributors, and other retail merchandisers. In 1999, Cypress established a specialty branded business, Hawthorn Pharmaceuticals, to market a line of internally developed pharmaceutical products directly to physician specialties through its nationwide sales force.
Cypress has an aggressive product development pipeline including new drug applications (NDAs) and abbreviated new drug applications (ANDAs) with over 35 products in various stages of development. Cypress currently has 7 submissions with the Food and Drug Administration (FDA) with up to 20 submissions expected to be filed in 2008.
Cypress and Hawthorn have successfully signed several in-licensing agreements with multinational companies in the past several years and will continue to utilize strategic alliances as part if it's overall pharmaceutical pipeline.
Additional information about Cypress and Hawthorn is available at www.cypressrx.com and www.hawthornrx.com.
Standard Chem. & Pharm. Co., Ltd.
Standard Chemical & Pharmaceutical Co., Ltd. is vertically integrated, engaged in the manufacture and distribution of active pharmaceutical ingredients, drug products and nutritional supplements. Established in 1967 and headquartered in Tainan County in Southern Taiwan, the Company distributes its products within the domestic market and to overseas markets, including mainland China, the Middle East, Southeast Asia, Japan, the Americas and Europe. Standard has subsidiaries and affiliated companies located in various parts in Asia and the US.
Source: Business Wire
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