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UPJOHN/P&G COLLABORATION ON MINOXIDIL

Executive Summary

UPJOHN/P&G COLLABORATION ON MINOXIDIL is expected to generate an improved formulation of the hair-growing agent within five years, the two companies predicted in a joint Oct. 23 press announcement. The two companies said they have entered into a "long-term" research program in which Procter & Gamble will develop improved minoxidil formulations and delivery systems for the prescription topical hair growth solution. Responsibility for formulation and delivery system development will rest with P&G's Beauty Care Division, which markets the Head & Shoulders, Prell, Ivory, Lilt, Pert, Pantene and Vidal Sassoon hair care lines. Under the agreement, Upjohn retains the rights to market the improved minoxidil formulations. Upjohn's NDA for Rogaine has been pending at FDA since December 1985. Upjohn said FDA has indicated that the approval process is "on track" and the company is hopeful that minoxidil will be approved before the end of the year. The cooperative agreement should prove mutually beneficial to both companies: it extends to the development of new hair growth products, including new chemical entities; and to marketing rights for new products and entities. By working with the premiere Rx hair regrowth formulation, P&G should gain valuable scientific background, which could be applied to future hair care products. P&G President John Pepper called the agreement with Upjohn "an important step in our continuing advancement of the hair care business worldwide." Pepper said P&G believes the hair regrowth and maintenance markets "will develop into significant businesses." Upjohn should benefit from P&G's expertise in hair and scalp care product formulation in the short-term. In the long-term, Upjohn's ties with P&G could lead to a future marketing partnership should Upjohn switch minoxidil from a prescription to OTC. Upjohn President and Chief Operating Officer Lawrence Hoff said: "We believe our joint efforts will significantly increase our individual contributions to hair research and our participation in that market."
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