MedPointe And Sepracor Agree To Phase Out ASTELIN Co-Promotion
MedPointe via BizWire
MedPointe's Enlarged Sales Force, Sepracor's Pending Estorra Approval Drive Decision to Sunset Collaboration
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SOMERSET, N.J.--(BUSINESS WIRE)--April 30, 2004--MedPointe and
Sepracor Inc. today announced that they have amended their agreement
for the co-promotion of MedPointe's ASTELIN(R) (azelastine HCl).
Sepracor will continue to detail ASTELIN this spring and will receive
compensation consistent with the terms of their agreement until June
30, 2004. As of July 1, 2004, Sepracor will only be responsible for
providing sample coverage for ASTELIN under a fee-based compensation
program through the duration of the amended agreement. The amendment
also creates accelerated termination rights for each party, which if
exercised, would result in a one-time residual payment to Sepracor in
recognition of Sepracor's contribution to building brand awareness of
ASTELIN.
Paul Edick, President of MedPointe, commented, "We have
appreciated the assistance that Sepracor has given MedPointe in
promoting ASTELIN and believe this amendment, which phases out our
co-promotion agreement, is in the interest of both parties. Since we
signed the original deal with Sepracor in August 2002, MedPointe has
added three new sales forces, comprised of 260 new sales
representatives, increasing our total to 560 field sales
representatives. Of these three new field forces, one is a Specialty
Allergy field force. Along with our strong Primary Care field
presence, we are ready to resume full responsibility for the promotion
of our ASTELIN brand. We wish Sepracor well in its launch of ESTORRA
and the commercialization of its other brands."
"ASTELIN has been a good strategic fit for our sales force, which
has also detailed Sepracor's own respiratory product, XOPENEX(R), a
nebulized beta-agonist," said W. James O'Shea, President and Chief
Operating Officer at Sepracor. "However, with the anticipated launch
of ESTORRA(TM) (eszopiclone) for the treatment of insomnia, we are
focusing our efforts on our own proprietary products."
Sepracor Inc. (NASDAQ: SEPR) is a research-based pharmaceutical
company dedicated to treating and preventing human disease through the
discovery, development and commercialization of innovative
pharmaceutical products that are directed toward serving unmet medical
needs. Sepracor's corporate headquarters are located in Marlborough,
Massachusetts. For more information on Sepracor, visit
www.sepracor.com.
MedPointe Inc. is a privately held specialty pharmaceutical
company located at 265 Davidson Avenue, Suite 300, Somerset, New
Jersey, 08873-4120; 732-564-2200. Backed by private equity investors,
including The Carlyle Group and The Cypress Group, MedPointe
specializes in respiratory, allergy, central nervous system, and
pediatric products. The Company maintains a manufacturing facility in
Decatur, IL. For more information on MedPointe, visit
www.medpointepharma.com.
Astelin is a registered trademark of MedPointe Inc. Estorra is a
trademark and Xopenex is a registered trademark of Sepracor Inc.
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