Forbes, Novartis agree on Reducol
This article was originally published in The Tan Sheet
Executive Summary
Forbes Medi-Tech acquires all rights to phytosterol brand under June 25 agreement with Novartis Consumer Health. Deal gives Forbes "full access to revenues and royalties from the dietary supplement and food business," firm says; such revenues, royalties previously were split with Novartis. Forbes will pay Novartis $2 mil. in phytosterol sale royalties between June 22, 2002 and Dec. 31, 2003. Agreement stems from Forbes' claim that Novartis failed to comply with 1999 Master License Agreement for Reducol (1"The Tan Sheet" March 25, 2002, In Brief)...