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
July 21, 1998
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(Date of Report; Date of Earliest Event Reported)
Sepracor Inc.
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(Exact name of registrant as specified in charter)
Delaware
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(State or other jurisdiction of incorporation)
0-19410 22-2536587
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(Commission File Number) (I.R.S. Employer
Identification No.)
111 Locke Drive, Marlborough, Massachusetts 01757
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(Address of Principal Executive Offices) (Zip Code)
(508) 481-6700
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(Registrant's Telephone Number, Including Area Code)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
On July 21, 1998, Sepracor Inc. (the "Company") announced that it had
entered into a licensing agreement with Janssen Pharmaceutica, N.V. ("Janssen")
relating to (+) norcisapride. A copy of the press release relating to this
announcement is attached hereto as Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 24, 1998 SEPRACOR INC.
By: /s/ David P. Southwell
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David P. Southwell
Executive Vice President
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EXHIBIT INDEX
99.1 Press Release dated July 21, 1998.
Exhibit 99.1
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Janssen and Sepracor Announce Propulsid(R) Metabolite Licensing Agreement
Contacts:
David P. Southwell
Chief Financial Officer
Sepracor Inc.
Jonae R. Barnes
Director, Investor Relations
Sepracor Inc.
(508) 481-6700
MARLBOROUGH, Mass., July 21, 1998 -- Sepracor Inc. (Nasdaq: SEPR) today
announced a licensing agreement with Janssen Pharmaceutica, N.V., a wholly-owned
subsidiary of Johnson & Johnson (NYSE: JNJ), relating to (+) norcisapride, an
isomer of the active metabolite of Propulsid(R) (cisapride). Propulsid, marketed
by Janssen Pharmaceutica, is indicated for the symptomatic treatment of patients
with nocturnal heartburn due to gastroesophaegeal reflux disease (GERD). In
1997, worldwide sales of Propulsid exceeded $1 billion for the first time.
"We are very pleased to be collaborating with Janssen on another ICE compound,
which may provide a platform to expand the Propulsid franchise. The isomer of
norcisapride has the potential for reduced side effects, increased efficacy and
less frequent dosing, and the opportunity for additional indications such as
emesis, irritable bowel syndrome, and bulimia," said Timothy J. Barberich,
President and Chief Executive Officer of Sepracor Inc.
Under the terms of the agreement, Sepracor has exclusively licensed to Janssen
all of Sepracor's worldwide rights to develop and market norcisapride
enantiomers. Janssen will pay Sepracor royalties on product sales beginning upon
launch and royalties will escalate upon achievement of sales volume milestones.
Under certain circumstances, Sepracor may co-promote the product in the
pediatric market.
"This Agreement with Janssen further validates Sepracor's ICE strategy as a
unique opportunity to potentially improve and extend the life cycle of major
pharmaceutical franchises," said David S. Barlow, President of Pharmaceuticals
at Sepracor.
Sepracor is a specialty pharmaceutical company that develops and commercializes
potentially improved versions of widely-prescribed drugs. Referred to as
Improved Chemical Entities ("ICE"), Sepracor's ICE Pharmaceuticals are being
developed as proprietary, single-isomer or active metabolite versions of these
leading drugs. ICE Pharmaceuticals are designed to offer meaningful improvements
in patient outcome through reduced side effects, increased therapeutic efficacy,
improved dosage forms, and in some cases the opportunity for additional
indications.
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This news release contains forward-looking statements that involve risks and
uncertainties, including statements with respect to the safety, efficacy and
potential benefits of the company's ICE Pharmaceuticals under development. Among
the factors that could cause actual results to differ materially from those
indicated by such forward-looking statements are: the results of the company's
clinical trials with respect to its products under development; the scope of the
company's patent protection with respect to such product candidates; the
availability of sufficient funds to continue research and development efforts;
and certain other factors that may affect future operating results and are
detailed in the company's periodic reports filed with the Securities and
Exchange Commission.
Propulsid is a registered trademark of Johnson & Johnson.
To receive a copy of this release or any recent release via fax, call Sepracor's
automated news fax line at 1-800-758-5804 ext. 780960.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding Sepracor Inc.'s business which
are not historical facts are "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for
the most recently ended fiscal year.
