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Executive Summary

PHARMACIA WILL ACQUIRE PUMP MAKER DELTEC SYSTEMS and consolidate its U.S. drug delivery business into a majority-owned subsidiary corporation with R&D, manufacturing and marketing capability, Pharmacia announced in a June 16 press release. "By creating one integrated company, the parties believe they will be a dominant force in the I.V. ambulatory drug delivery market, which includes patient-controlled analgesia, chemotherapy and antibiotic therapy," the firm said. Pharmacia already markets two of Deltec's infusion pumps in conjunction with its Port-A-Cath implantable access ports -- Pharmacia/Deltec CADD-I for administration of chemotherapy and Pharmacia/Deltec CADD-PCA for patient-controlled analgesia. With the acquisition of Deltec, Pharmacia will get two additional pumps that have been approved by FDA, the company noted, one for low-dose therapy and one for antibiotic therapy. Referring to the growing demand for I.V. ambulatory drug delivery products created by DRGs and an aging population, the release states: "This market is expected to grow at an annual rate in excess of 25% per year for the next five years." With 1985 sales in excess of $20 mil., Pharmacia expects the new company to achieve $50 mil. in 1988. Under the agreement, to be finalized in October, St. Paul, Minnesota-based Deltec will be merged with most of the Pharmacia hospital sales and marketing organization and Pharmacia NuTech, which makes the Port-A-Cath. Deltec had sales of approximately $2 mil. in 1985, Pharmacia said. Deltec President and CEO Manuel Cabezas will become chairman of the new company, the release notes, and Pharmacia hospital products division head Franklin Brown will become president and CEO. Pharmacia, which will be the majority stockholder, anticipates that 30-35 sales reps will initially market the drug delivery products in the U.S. for the new entity.

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