King Pharmaceuticals Acquires Exclusive Rights to EpiPen(R) In Canada
BRISTOL, Tenn., March 2 /PRNewswire-FirstCall/ -- King Pharmaceuticals, Inc. (NYSE: KG - News) announced today that it has acquired from Allerex Laboratory Ltd. the exclusive rights to market and sell EpiPen® (epinephrine injection) in Canada. EpiPen® is an auto-injector that administers epinephrine, the definitive emergency treatment for severe anaphylaxis.
King is the leading manufacturer of auto-injectors for the self- administration of injectable drugs, including EpiPen®. Approximately 2% of the population in Canada is estimated to have allergic sensitivities placing them at risk for anaphylaxis, and that number is increasing, especially with respect to children. Net sales of EpiPen® in Canada totaled approximately $21.2 million in 2004.
"Thousands of adults and children benefit from EpiPen®, the number one prescribed self-administered treatment for life-threatening anaphylaxis," said Steve Andrzejewski, Chief Commercial Officer of King Pharmaceuticals. "We are excited to expand our existing EpiPen® franchise to include the rights to market and sell this emergency self-administered product in Canada. This is part of our strategy to pursue commercial opportunities for our branded prescription pharmaceutical products in Canada and throughout the world."
Anaphylaxis is a severe allergic reaction that some individuals experience in response to certain foods, including peanuts, medications, insect venom or latex. Anaphylaxis can be fatal within minutes if untreated. EpiPen®, when administered at the first sign of anaphylaxis, can provide individuals the time necessary to obtain more definitive emergency treatment.
King will pay Allerex $25 million plus an earn-out based on sales of EpiPen® in Canada. The worldwide rights to the distribution of EpiPen® are licensed exclusively to Dey, L.P. of Napa, California. Allerex serves as Dey's exclusive EpiPen® sub-distributor in Canada.
EpiPen® is an auto-injector that administers epinephrine-and epinephrine is the definitive emergency treatment for severe allergic reactions. These reactions, called anaphylaxis, can become fatal within minutes if untreated.
How Supplied: EpiPen® and EpiPen® Jr. auto-injectors are available in single cartons. Further information can be found at www.epipen.ca.
EpiPen® (epinephrine) Auto-Injector 0.3/0.15 mg is indicated for emergency treatment of allergic reactions (anaphylaxis). Such emergencies may occur spontaneously or from insect stings, bites, foods, drugs, or other allergens, as well as idiopathic or exercise induced anaphylaxis. EpiPen® should be used with extreme caution in people who have heart disease. Side effects of EpiPen® may include fast or irregular heartbeat, nausea, and breathing difficulty. Certain side effects may be increased if EpiPen® is used while taking tricyclic antidepressants or monoamine oxidase inhibitors.
The EpiPen® and EpiPen® Jr. are designed as emergency supportive therapy only and are not a replacement or substitute for immediate medical or hospital care.
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and product life-cycle management.