MonoSol Rx Enters Agreement with Hikma Pharmaceuticals PLC for
Thin Film Pharmaceutical Products in the Middle East
Warren, NJ and Portage, Ind. (December 16, 2008) – MonoSol Rx, the developers of PharmFilm® technology and a drug delivery company specializing in dissolving thin film pharmaceutical products, announced today that the Company has entered into an agreement for thin film pharmaceutical products with Hikma Pharmaceutical PLC (”Hikma”) (LSE: HIK) (DIFX:HIK), a multinational pharmaceutical group focused on developing, manufacturing and marketing a broad range of generic and in-licensed pharmaceutical products across the Middle East and North Africa, the United States and Europe.
Under terms of the agreement, Hikma has acquired an exclusive license to distribute in the Middle East three thin film pharmaceutical products based on MonoSol Rx’s proprietary PharmFilm delivery technology. Hikma will be responsible for obtaining all registrations and approvals required to market the products throughout the region. MonoSol Rx, which will exclusively supply the thin film products to Hikma, is eligible to receive milestone payments and payments for the purchase of product supply.
A. Mark Schobel, president and CEO of MonoSol Rx, stated, “We are excited to enter an agreement with Hikma that extends the geographic foothold of our proprietary PharmFilm technology. As a leading pharmaceutical company serving the Middle Eastern markets, we are confident in Hikma’s ability to secure regulatory approvals and effectively sell three important thin film product formulations throughout the territory. In addition to expanding our reach into new geographic territories, our partnership with Hikma further validates our proprietary PharmFilm technology, leadership in thin film drug development, and growing intellectual property portfolio.”
Said Darwazah, Chief Executive Officer of Hikma Pharmaceuticals PLC, said, “Our collaboration with MonoSol Rx is an excellent opportunity for us to offer differentiated thin film products throughout the Middle East. We expect to leverage our experience with the regulatory landscape along with our commercial capabilities to secure approvals and successfully market each of the thin film products supplied by MonoSol Rx.”Keith J. Kendall, executive vice president and CFO of MonoSol Rx, stated, “Our partnership with Hikma demonstrates our commitment to position MonoSol Rx’s proprietary thin film drug delivery technology for the global marketplace. We have executed multiple partnerships for the commercialization of innovative thin film products across several large and growing therapeutic categories, and our partnership with Hikma represents our initial entry into the Middle East.”
About MonoSol Rx
MonoSol Rx is a specialty pharmaceutical company leveraging its proprietary PharmFilm® technology to deliver drugs in quick dissolving films. PharmFilm® is designed to benefit patients by improving the convenience, efficacy, and compliance of currently marketed drugs. The Company is a leader in thin film drug delivery and has a strong intellectual property position, a portfolio of commercialized OTC drug products, and a pipeline of prescription formulations utilizing its PharmFilm® technology. With a vertically integrated development and production infrastructure, MonoSol Rx has the capacity to manufacture OTC drug products for near-term revenues that enable the funding of prescription product development programs that will generate long-term value.
The Company’s commercialization strategy for all PharmFilm® products is to partner with the innovator or other specialty pharma or leading consumer products companies who have the core competency to sell-in and manage the sales and marketing of the products. For the Company’s existing and future partners, PharmFilm® formulations represent revenue-life cycle extensions for products with patent lives that have expired or are approaching expiration. PharmFilm® is also a tool to help sales and marketing partners differentiate in competitive markets while offering unique advantages over drugs dosed by traditional tablets, capsules and ODTs.
About Hikma Pharmaceutical PLC
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed pharmaceutical products. Hikma's operations are conducted through three businesses: "Branded", "Injectables" and "Generics.” Hikma's operations are based principally in the Middle East and North Africa ("MENA") region, where it is a market leader and sells across 17 countries, the United States and Europe. In 2007, the Group achieved revenues of $449 million and profit attributable to shareholders was $63 million. For news and other information, please visit www.hikma.com.