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Galen buying Pfizer women’s health brands

Executive Summary

Galen enters $359 mil. agreement with Pfizer to buy hormone replacement therapy FemHRT and oral contraceptives Estrostep and Loestrin. Galen could pay as much as an additional $125 mil. if products retain market exclusivity over course of patent life. Pfizer announced in January that it was seeking a buyer for the women's health line (1"The Pink Sheet" Jan. 27, p. 21). Galen's women's health line was recently expanded with purchase of Lilly's pre-menstrual dysphoric disorder therapy Sarafem (2"The Pink Sheet" Dec. 16, 2002, p. 34). Galen was an obvious bidder for the Pfizer brands: CEO Roger Boissonneault is a named inventor on three Estrostep and FemHRT product patents and on patent for credit card-style packaging for Loestrin and Estrostep, Galen says...

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