Forbes, Novartis deal

Executive Summary

Forbes Medi-Tech, Novartis plan to close a deal in the "very near future" resolving conflict over Master License Agreement, Forbes President & CEO Charles Butt says in Q1 conference call May 31. Firms had "very productive" meeting in May to resolve disagreement over 1999 MLA; Forbes had claimed Novartis failed to comply with MLA, said it would not pay $4 mil. to buy back Reducol rights (1"The Tan Sheet" March 25, 2002, In Brief). Butt also says Vancouver-based firm has "no immediate plans" to sell off its nutraceuticals, functional food business. In May 30 release, Forbes notes it needs "additional debt or equity financing by September 30, 2002 to meet its planned expenditures"...