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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report JANUARY 21, 2000
BARR LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
New York 1-9860 22-1927534
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Two Quaker Road, P.O. Box 2900, Pomona, New York 10970-0519
(Address of principal executive offices) (Zip code)
(914) 362-1100
(Registrant's telephone number, including area code)
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BARR LABORATORIES, INC.
CURRENT REPORT DATED JANUARY 21, 2000
Item 5. Other Events
See attached Exhibit 99.1, press release announcing the signing of a
letter of intent to establish a strategic relationship with DuPont
Pharmaceuticals Company to develop, market and promote five (5)
different proprietary products and, upon finalization of the
agreements, to terminate all litigation between the two companies.
Item 7. Financial Statements and Exhibits
(c) Exhibit Number Exhibit
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99.1 Registrant's January 20, 2000 press release
announcing the signing of a letter of
intent to establish a strategic
relationship with DuPont Pharmaceuticals
Company to develop, market and promote
five (5) different proprietary products
and, upon finalization of the agreements,
to terminate all litigation between the two
companies.
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BARR LABORATORIES, INC.
CURRENT REPORT DATED JANUARY 21, 2000
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BARR LABORATORIES, INC.
Date: January 21, 2000 /S/ William T. McKee
--------------------
William T. McKee
Chief Financial Officer
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Exhibit 99.1
2 Quaker Road, P.O. Box 2900 N E W S R E L E A S E
Pomona, NY 10970
914-362-1100
CONTACT: Carol A. Cox, 914-348-6808 EMAIL: [email protected]
BARR LABORATORIES & DUPONT PHARMACEUTICALS TO FORM STRATEGIC RELATIONSHIP
POMONA, NEW YORK, JANUARY 20, 2000 Barr Laboratories, Inc. (NYSE-BRL) and DuPont
Pharmaceuticals Company, a wholly owned subsidiary of DuPont (NYSE:DD) today
announced that they have signed a letter of intent to create a broad strategic
relationship to develop, market and promote five (5) different proprietary
products. Details of the transaction were not disclosed.
As a result of the strategic relationship outlined in the Letter of Intent,
DuPont Pharmaceuticals and Barr will establish cooperative marketing, technology
and business development arrangements. Each company will supply a group of
proprietary products. DuPont will invest up to $45 million in development of
three (3) Barr proprietary products in exchange for royalties on those products
and rights to acquire Barr common stock. DuPont will also perform the marketing
of Barr's first proprietary product and may assist in the marketing of certain
other Barr proprietary products under development.
"This Letter of Intent represents an opportunity to significantly accelerate
Barr's transition from a generic company to a specialty pharmaceutical company
with significant proprietary products," said Bruce L. Downey, Barr's Chairman
and Chief Executive Officer. "It would create a partnership between Barr and one
of the leaders in brand pharmaceutical marketing, and resolves our need to build
a sales and marketing organization for Barr's first proprietary product. Instead
of looking back, we are taking this opportunity to significantly strengthen
Barr's position in the proprietary pharmaceutical arena."
"This new relationship with Barr supports one of our core business objectives,
which is to participate in the development of promising new drugs," said Kurt M.
Landgraf, Chairman and Chief Executive Officer of DuPont Pharmaceuticals. "Barr
Laboratories provides a strategic alliance that will enhance our ability to
develop and market new drug products for a large and growing market."
Upon finalization of this agreement, DuPont Pharmaceuticals and Barr
Laboratories have agreed to terminate all litigation between the two companies.
"It is time for us to put the litigation behind us and to work together to bring
the benefits of our new alliance to our shareholders and to consumers," said
Downey and Landgraf.
Both companies said that they believe an open dialogue regarding the utilization
of both brand and generic products advances the interest of patients.
Barr Laboratories, Inc. is engaged in the development, manufacture and marketing
of generic and proprietary pharmaceuticals.
DuPont Pharmaceuticals is a worldwide business that focuses on research,
development and delivery of pharmaceuticals to treat unmet medical needs in the
fights against HIV, cardiovascular disease, central nervous system disorders,
cancer and arthritis-related disorders. DuPont Pharmaceuticals is also a leader
in medical imaging.
Safe Harbor Statement: To the extent that any statements made in this release
contain information that is not historical, these statements are essentially
forward-looking and actual results may differ materially. These statements are
subject to risks and uncertainties, including the timing and outcome of legal
proceedings, the difficulty of predicting FDA approvals, market and customer
acceptance and demand for new pharmaceutical products, the impact of competitive
products and pricing, obtaining funding for certain R&D projects, timing and
success of new product development and launch, availability of raw materials,
the regulatory environment, fluctuations in operating results and other risks
detailed from time-to-time in the Company's filings with the Securities and
Exchange Commission. Forward-looking statements can be identified by their use
of words such as "expects," "plans," "will," "believes," "estimates," "intends"
and other words of similar meaning. Should known or unknown risks or
uncertainties materialize, or should our assumptions prove inaccurate, actual
results could vary materially from those anticipated. The Company undertakes no
obligation to publicly update any forward-looking statements.
[EDITOR'S ADVISORY: Barr Laboratories, Inc. news releases are available free of
charge through PR Newswire's News On-Call fax service. For a menu of Barr's
previous releases, or to receive a specific release via fax call : 800-758-5804
- -- ext. 089750. For complete indications, warnings and contraindications,
contact Barr Laboratories' Professional Services Department at 1-800-Barr Lab.]
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