Wyeth Pharmaceuticals Ends Collaboration Agreements with Solvay Pharmaceuticals for Bifeprunox and Other Compounds
MADISON, N.J., February 29, 2008 /PRNewswire-FirstCall/ -- Wyeth Pharmaceuticals, a division of Wyeth , announced today the end of its collaboration agreements with Solvay Pharmaceuticals for the development and commercialization of bifeprunox as well as other compounds in earlier stages of development for the potential treatment of schizophrenia and other psychiatric conditions.
Wyeth terminated the collaboration with Solvay after assessing the opportunity for bifeprunox and determining it would not have sufficient commercial value for the two companies to share.
All development and commercialization rights in North America for bifeprunox, an investigational atypical antipsychotic, as well as global rights for the other compounds will now revert to Solvay Pharmaceuticals.
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and our pipeline products; government cost-containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; data generated on our products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors." The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
CONTACT: Doug Petkus of Wyeth, +1-973-660-5218; or Gwen Fisher of WyethPharmaceuticals, +1-484-865-5160; or Investor Contact, Justin Victoria ofWyeth, +1-973-660-5340
Web site: http://www.wyeth.com//
Ticker Symbol: (NYSE:WYE)
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Posted: February 2008