(In a press release) Heritage Pharmaceuticals Inc. ("Heritage") and Banner Pharmacaps Inc. ("Banner") announced today that they have entered into a licensing and supply agreement for multiple generic, pharmaceutical softgel products for the U.S. prescription drug market. Banner has developed and is in the process of registering the products for the United States market, and under the agreements Heritage is granted exclusive sales and marketing rights to the products. The parties shall share net profits from the sales proceeds post-launch.
Commenting on the agreement, Heritage President & CEO, Jeffrey Glazer, stated, "Our strategic partnership with Banner represents an important portfolio expansion into a value added product segment. Banner's expertise in softgel products will enable Heritage to differentiate its product line while providing high barrier products to the marketplace." Dr. Roger Gordon, President and CEO of Banner said, "Banner is continuing to develop its pipeline utilizing innovative gelatin-based delivery technologies. We have great confidence that Heritage will ensure a successful commercialization of our products."
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