Healthcare Industry News: Mylan
News Release - January 11, 2006
Mylan Technologies Inc. Signs Two Strategic Agreements With Cephalon to Utilize MTI's Advanced Transdermal TechnologyPITTSBURGH, Jan. 11 (HSMN NewsFeed) -- Mylan Laboratories Inc. (NYSE: MYL ) today announced two strategic agreements between its subsidiary Mylan Technologies Inc. (MTI) and Cephalon, Inc. (Nasdaq: CEPH ) to utilize MTI's innovative transdermal technology to address certain pain and central nervous system disorders. Under the terms of the agreements, Mylan and Cephalon will collaborate with the intent to create branded transdermal products to develop and commercialize in exchange for payment of milestones and ongoing royalties to Mylan based on net sales of the products. Specific product and financial details were not disclosed.
Robert J. Coury, Mylan's Vice Chairman and Chief Executive Officer, commented: "Building strategic alliances of this type for MTI is consistent with the growth and brand re-entry strategy that we previously outlined. This type of collaboration will leverage MTI's state-of-the-art technology and expertise and has the potential to allow Mylan to participate in branded commercial opportunities without additional R&D net costs. These agreements are the latest in what we believe will be a series of branded strategic alliances and further demonstrate MTI's position as partner of choice for transdermal technology."
Mylan Laboratories Inc. is a leading pharmaceutical company with three principal subsidiaries, Mylan Pharmaceuticals Inc., Mylan Technologies Inc. and UDL Laboratories, Inc., that develop, license, manufacture, market and distribute an extensive line of generic and proprietary products.
For more information about Mylan, visit www.Mylan.com.
This press release includes statements that constitute "forward-looking statements," including with regard to the agreements with Cephalon, Mylan Technologies' growth strategy, and future opportunities and alliances. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks inherent in contracts, including the breach or unenforceability of any key provisions; the inability to reach mutually agreeable contract terms with potential strategic partners; uncertainties regarding market acceptance of, and demand for, products; unexpected regulatory or other delays; the effects of vigorous competition on commercial acceptance of products and their pricing; the potential costs and product introduction delays that may result from competitors' use of legal, regulatory and legislative strategies; and the other risks detailed in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Source: Mylan Laboratories
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