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NaPro/Ivax Paxene

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Executive Summary

Companies terminate paclitaxel development and marketing agreement. Ivax will return its 1.1 mil. shares of NaPro stock and pay $6 mil. in exchange for a royalty-free, non-exclusive license to NaPro's pending paclitaxel patents. Ivax will also make additional payments of up to $6.4 mil. upon issuance of a patent. NaPro will continue to supply Ivax with paclitaxel while Ivax finds a new supplier, and NaPro is seeking a new marketing partner. An NDA for Paxene use in Kaposi's sarcoma is blocked until 2004 by Bristol's orphan exclusivity for Taxol

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