EATONTOWN, N.J., April 27 /PRNewswire/ -- Roberts Pharmaceutical
Corporation (Amex: RPC) today announced the cash sale of its subsidiary VRG
International to Verum Staticon GmbH of Munich, Germany. Financial details
were not disclosed, but Roberts said that under the terms of the agreement it
will receive cash payments from this transaction over the next twelve months.
Roberts will realize a gain on the sale of this company over its book value.
VRG International is a contract research business, an operation outside of
Roberts' strategic areas of focus. For financial reporting purposes, VRG had
been previously classified by Roberts as a discontinued operation. Verum
Staticon, the largest privately held Contract Research Organization in
Germany, with operations in various parts of Europe, are acquiring VRG
International to provide a presence in the U.S. market and to allow them to
compete for global contracts.
With today's announcement, Roberts has completed its plans to divest non-
strategic, non-pharmaceutical businesses. With the sale of VRG and the
recent purchases of pharmaceutical manufacturing and distribution facilities,
Roberts is now positioned to dedicate its resources exclusively to its core
pharmaceutical operations.
Separately, Roberts said that it expects shortly to report strong year-to-
year improvements in first-quarter 1998 revenues, operating profits, and net
earnings. Per share earnings for the first-quarter 1998 are expected to
exceed the First Call estimate of $0.05.
Roberts Pharmaceutical Corporation, with operating subsidiaries in the
United States, Canada and the United Kingdom, focuses on licensing, acquiring,
developing and commercializing innovative pharmaceuticals.
This and past press releases of Roberts Pharmaceutical Corporation are
available through PR Newswire's Company News On-Call fax service at
1-800-758-5804, extension 760975 and on the internet at
http://www.prnewswire.com and http://www.robertspharm.com.
This release contains forward-looking statements which reflect
management's current views of future events and operations. These forward-
looking statements are based on assumptions and external factors, including
assumptions relating to regulatory action, product pricing, competitive market
conditions, financial data, and other risks or uncertainties detailed from
time to time in Roberts filings with the Securities and Exchange Commission.
These forward-looking statements represent the Company's judgment as of the
date of this release and any changes in the assumptions or external factors
could produce significantly different results.
SOURCE Roberts Pharmaceutical Corporation
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Related links:
http://www.robertspharm.com
Company News On-Call: This and past press releases of
Roberts Pharmaceutical Corporation are available through PR
Newswire's Company News On-Call fax service at 1-800-758-5804,
extension 760975 and on the internet at
http://www.prnewswire.com
CONTACT:
Stuart Z. Levine, Ph.D., Director of Investor
Relations of Roberts Pharmaceutical Corp. 732-389-1182, ext. 3064
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