United States
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 (Date of earliest event reported) March 24, 1997
(March 20, 1997)
MEDCO RESEARCH, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-13948 95-3318451
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
85 T.W. Alexander Drive, Research Triangle Park, N.C. 27709
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (919) 549-8117
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Item 4. Changes Registrant's Certifying Accountants.
Pursuant to the Registrant's Audit Committee's recommendation to its
Board of Directors and subject to shareholder approval, the Registrant, on March
20, 1997, formally notified KPMG Peat Marwick LLP ("KPMG") that it would no
longer serve as Registrant's independent accountants. The decision to change
accountants was recommended by Registrant's Audit Committee and approved by
Registrant's Board of Directors. The report of KPMG on the Company's financial
statements for its last two fiscal years did not contain an adverse opinion, or
a disclaimer of opinion, and was not qualified or modified as to uncertainty,
audit scope or accounting principles except KPMG's report contained a separate
paragraph stating that the Company is party to certain claims and litigation of
which the ultimate outcome cannot presently be determined. Accordingly, no
provisions for liability, if any, that may result from the resolution of such
matters have been recognized in the consolidated financial statements. During
Registrant's two most recent fiscal years, (1) Registrant had no disagreement
with KPMG on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure which disagreements, if not
resolved to KPMG's satisfaction, would have caused it to make a reference to the
subject matter of the disagreements in connection with its report, and (2) there
did not occur any "reportable event" described in Regulation S-K, Item 304 (a)
(1) (v).
On March 24, 1997, Registrant engaged Coopers & Lybrand LLP as its new
independent accountants to audit its financial statements. There did not occur
during Registrant's two most recent fiscal years, any event described in
Regulation S-K, Item 304 (a) (2).
Item 7. Financial Statements and Exhibits.
(c) Exhibits
16 Letter from KPMG Peat Marwick LLP
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MEDCO RESEARCH, INC.
(Registrant)
DATED: March 24, 1997 BY: /s/ Roger D. Blevins
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Roger D. Blevins
President and Chief Operating Officer
DATED: March 24, 1997 BY: /s/ Glenn C. Andrews
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Glenn C. Andrews
Vice President, Finance and Administration
and Chief Financial Officer
March 24, 1997
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Medco Research, Inc. and, under the
date of January 28, 1997, we reported on the consolidated financial statements
of Medco Research, Inc. and subsidiary as of and for the three-year period ended
December 31, 1996. On March 20, 1997, our appointment as principal accountants
was terminated. We have read Medco Research, Inc.'s statements included under
Item 4 of its Form 8-K dated March 24, 1997, and we agree with such statements
except that we are not in a position to agree or disagree with the circumstances
surrounding Medco Research, Inc.'s engagement of Coopers & Lybrand LLP as its
independent accountants or whether any consultations contemplated by Regulation
S-K occurred.
Very truly yours,
KPMG Peat Marwick LLP
