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PLIVA Terminates Agreements with Legacy Pharma05 Oct 2005 -
PLIVA d.d. announced that, on 30 September 2005, it terminated its agreements with Canada-based Legacy Pharma Limited Partnership ("Legacy") for the sale of the CNS franchise of Odyssey Pharmaceuticals Inc. ("Odyssey"), PLIVA's US specialty branded pharmaceuticals subsidiary, due to Legacy's inability to satisfy its closing conditions on or prior to that date.
On 01 August 2005, PLIVA announced that it had entered into agreements with Legacy for the sale of Odyssey's CNS franchise, consisting of the branded pharmaceutical products Antabuse®, Vivactil®, Surmontil® and PLD-180 (PLIVA's Phase I pipeline product candidate for the treatment of ALS). In accordance with the terms of the agreements, PLIVA will retain the USD 5m received upon the initial signing. PLIVA intends to pursue negotiations with other third parties in order to promptly divest the CNS franchise, including continued non-exclusive negotiations with Legacy.
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