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EXHIBIT 99.1
Contact: ABBOTT LABORATORIES CEPHALON, INC.
Melissa Brotz Sheryl Williams
U.S. Media (610) 738-6493
(847) 935-3456 [email protected]
John Thomas
Financial Community
(847) 938-2655
FOR IMMEDIATE RELEASE:
CEPHALON, INC. AND ABBOTT LABORATORIES ANNOUNCE
AGREEMENT TO TRANSFER U.S. PRODUCT RIGHTS FOR
GABITRIL(R) (TIAGABINE HYDROCHLORIDE) TO CEPHALON
WEST CHESTER, Pa., and ABBOTT PARK, Ill., November 1, 2000 -- Cephalon,
Inc. (NASDAQ: CEPH) and Abbott Laboratories (NYSE:ABT) announced today an
agreement whereby Abbott will transfer its U.S. products rights to
Gabitril(R)(tiagabine hydrochloride), one of its anti-epileptic products, to
Cephalon. The agreement gives Cephalon the exclusive rights to market, sell and
further develop the drug in the United States. Cephalon has been co-promoting
the product with Abbott since June of 1999.
Under terms of the agreement, Cephalon will pay Abbott $100 million over
the next four years, and also will make an additional payment based on the
product's patent life. Abbott will continue to manufacture Gabitril for
Cephalon, although Cephalon intends to assume direct responsibility for
manufacturing within the next several years. The agreement is subject to the
approval of regulatory agencies.
"We believe that this product has significant growth potential and expect
it to contribute to Cephalon's EPS growth," said Frank Baldino, Jr., Ph.D.,
Cephalon's president and chief executive officer. "Cephalon is excited about the
prospect of leveraging our sales experience with the product and further
developing Gabitril for additional indications."
"This agreement allows us to focus our development and commercial efforts
on our largest U.S. pharmaceutical product, Depakote," said Arthur Higgins,
senior vice president, pharmaceutical operations, Abbott Laboratories. "Cephalon
has been an excellent partner to work with over the past year. We are pleased to
transfer the rights to Gabitril to Cephalon, which will be well positioned to
maximize its potential from a scientific and commercial standpoint."
Gabitril is an adjunctive antiepilepsy drug used for the treatment of
partial seizures, a form of epilepsy, in adults and children 12 years and older.
Studies have shown that Gabitril is effective in reducing the frequency of
partial seizures when added to an existing regimen of at least one other
antiepilepsy drug (adjunctive therapy). Double-blind, placebo-controlled,
parallel group add-on trials showed a significant reduction in median seizure
rates versus placebo. Gabitril has been shown to be well-tolerated with the
most common adverse events being dizziness/light-headedness, asthenia/lack of
energy, somnolence, nausea, nervousness/irritability, tremor, abdominal pain and
thinking abnormal/difficulty with concentration or attention. As with other
antiepileptics, Gabitril should not be stopped abruptly unless medically
indicated. Adverse events most often associated with Gabitril were related to
the central nervous system.
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Abbott Laboratories is committed to the research and development of novel
treatments for neurological and psychiatric conditions that will enable patients
to lead productive lives. Abbott is a global, diversified healthcare company
devoted to the discovery, development, manufacture and marketing of
pharmaceutical, diagnostic, nutritional and hospital products. The company
employs 58,000 people and markets its products in more than 130 countries.
Abbott's news releases and other information, including full prescribing
information for Gabitril(R) (tiagabine hydrochloride) and Depakote(R)
(divalproex sodium), are available on the company's Web site at WWW.ABBOTT.COM.
Following the closing of this product acquisition, Cephalon will have three
marketed products in the United States: PROVIGIL(R) (modafinil) Tablets [C-IV]
is marketed for the treatment of excessive daytime sleepiness associated with
narcolepsy, and is being developed for other potential uses; ACTIQ(R) (oral
transmucosal fentanyl citrate) is marketed for the treatment of breakthrough
cancer pain, and recently was approved in the United Kingdom; GABITRIL(R)
(tiagabine hydrochloride) for the adjunctive treatment of partial seizures
associated with epilepsy.
Cephalon, Inc., headquartered in West Chester, Pa., is an international
biopharmaceutical company dedicated to the discovery, development and marketing
of products to treat neurological disorders, sleep disorders, cancer and pain.
NOTE: Cephalon's press releases are posted on the Internet at the company's Web
site at WWW.CEPHALON.COM. They are also available by fax 24 hours a day at no
charge by calling PR Newswire's Company News On-Call at 800-758-5804, extension
134563.
IN ADDITION TO HISTORICAL FACTS OR STATEMENTS OF CURRENT CONDITION, THIS PRESS
RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS
PROVIDE CEPHALON'S CURRENT EXPECTATIONS OR FORECASTS OF FUTURE EVENTS. THESE MAY
INCLUDE STATEMENTS REGARDING ANTICIPATED SCIENTIFIC PROGRESS ON ITS RESEARCH
PROGRAMS, DEVELOPMENT OF POTENTIAL PHARMACEUTICAL PRODUCTS, INTERPRETATION OF
CLINICAL RESULTS, PROSPECTS FOR REGULATORY APPROVAL, MANUFACTURING DEVELOPMENT
AND CAPABILITIES, MARKET PROSPECTS FOR ITS PRODUCTS, SALES AND EARNINGS
PROJECTIONS, AND OTHER STATEMENTS REGARDING MATTERS THAT ARE NOT HISTORICAL
FACTS. YOU MAY IDENTIFY SOME OF THESE FORWARD-LOOKING STATEMENTS BY THE USE OF
WORDS IN THE STATEMENTS SUCH AS "ANTICIPATE," "ESTIMATE," "EXPECT," "PROJECT,"
"INTEND," "PLAN," "BELIEVE" OR OTHER WORDS AND TERMS OF SIMILAR MEANING.
CEPHALON'S PERFORMANCE AND FINANCIAL RESULTS COULD DIFFER MATERIALLY FROM THOSE
REFLECTED IN THESE FORWARD-LOOKING STATEMENTS DUE TO GENERAL FINANCIAL,
ECONOMIC, REGULATORY AND POLITICAL CONDITIONS AFFECTING THE BIOTECHNOLOGY AND
PHARMACEUTICAL INDUSTRIES AS WELL AS MORE SPECIFIC RISKS AND UNCERTAINTIES SUCH
AS THOSE SET FORTH BELOW AND IN ITS REPORTS ON FORM 8-K, 10-Q AND 10-K FILED
WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. GIVEN THESE RISKS AND
UNCERTAINTIES, ANY OR ALL OF THESE FORWARD-LOOKING STATEMENTS MAY PROVE TO BE
INCORRECT. THEREFORE, YOU SHOULD NOT RELY ON ANY SUCH FACTORS OR FORWARD-LOOKING
STATEMENTS. FURTHERMORE, CEPHALON DOES NOT INTEND (AND IT IS NOT OBLIGATED) TO
UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS. THIS DISCUSSION IS PERMITTED BY
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
