Block Drug
This article was originally published in The Tan Sheet
Executive Summary
Acquires license to a "topical consumer product" from Boothwyn, Penn.-based start-up Affinity Biotech in exchange for an upfront licensing fee, milestone payments and royalties on sales, Affinity said Sept. 24. The company predicted that the undisclosed product could reach the market as early as next year in a market estimated at $100 mil. Block Drug separately announced Sept. 20 that it anticipates a decline in earnings for the fiscal year ending March 31, 1994 due to unfavorable exchange rates, a weaker economy and "a major spending program to increase advertising and promotion behind core" products.