Fareston Expected to be Accretive to Roberts Earnings in the
First Twelve-Months of Sales
EATONTOWN, N.J., Sept. 8 /PRNewswire/ -- Roberts Pharmaceutical
Corporation (Amex: RPC) today announced an agreement with Orion Corporation of
Finland giving Roberts the U.S. marketing rights to Fareston(R) (toremifene
citrate), an approved patent-protected treatment for advanced breast cancer
developed by Orion Pharma.
Roberts said it plans to begin marketing Fareston in the fourth quarter
and expects the product to be accretive to earnings in the first twelve months
of sales.
Fareston complements Roberts' strategic interests in the oncology market
and offers opportunities for marketing synergies with Agrylin(R), currently
Roberts' lead product in this core therapeutic category.
Fareston received an approval for the entire EU area in February 1996 and
is available in many other countries, including Japan. In the U.S., the
product has been available since late 1997 as a first-line treatment for
advanced or metastatic breast cancer in post-menopausal women with estrogen
receptor positive or unknown tumors.
An oral anti-estrogenic drug, Fareston inhibits estrogen-induced
stimulation of DNA synthesis and cellular replication. Also, unlike the
current market leading anti-estrogenic agent, there have been no cases of
endometrial cancer attributed to the use of Fareston after 100,000 patient
years of treatment.
Additionally, Orion, a leading Finnish health care company with
approximately one billion dollars in annual sales, is currently engaged in
Phase III studies with Fareston for the broader indication of adjuvant therapy
in breast cancer.
It has been estimated that the U.S. market for anti-estrogen treatments of
breast cancer, consisting primarily of adjuvant therapies, approximated
$300 million in 1998. Moreover, Roberts said that based on early 1999 data,
this market is expanding at a solid double-digit rate.
John T. Spitznagel, Roberts' President and CEO said, "Fareston offers
Roberts a number of potential benefits including a new revenue stream, product
synergies, a strengthened presence in the oncology market, and an opportunity
to share in the product's development for the comparatively large market for
adjuvant therapies in breast cancer."
Roberts said the transaction involves an up-front payment approximating
2.5 times Fareston's 1998 sales and that it has agreed to make a milestone
payment upon FDA approval of the drug for adjuvant therapy in breast cancer.
Roberts Pharmaceutical Corporation, with operating subsidiaries in the United
States, Canada and the United Kingdom, focuses on value-added specialty
pharmaceuticals in the therapeutic categories of gastroenterology and oncology
with additional interests in urology and neurology/cardiology. Roberts
actively pursues its strategy of Search & Develop to identify and acquire
novel post-discovery drug candidates to advance through late-stage clinical
development while also pursuing opportunities to acquire and enhance the
potential of commercially available specialty medicines.
On July 25, 1999, Roberts and Shire Pharmaceuticals Group plc
(London: SHP.L; Nasdaq: SHPGY) announced a definitive agreement to merge. The
merger would involve a tax-free exchange of Roberts shares for Shire shares
and is contingent upon, among other conditions, the approvals of Shire and
Roberts shareholders.
This and past press releases of Roberts Pharmaceutical Corporation are
available through the Internet at the Roberts' home page at
http://www.robertspharm.com.
The Orion Group homepage is at http://www.orion.fi.
This release contains forward-looking statements which are based on
assumptions and external factors, including assumptions relating to, but not
limited to regulatory action, product pricing, competitive market conditions,
unaudited financial data, new product development 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
CONTACT: Stuart Z. Levine, Ph.D., V.P. Corporate Communications of Roberts Pharmaceutical Corporation, 732-676-1200, ext. 3064
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