BUSINESS WIRE - 44 Montgomery St, 39th Floor, San Francisco, CA 94104; Tel: (415) 986-4422; FAX: (415) 788-5335 - Tuesday, 15 October 1996
When approved by the U.S. Food and Drug Administration, Abbott Laboratories will market and distribute the DTaP vaccine and the combination vaccines to private physicians and managed care markets in the United States for immunization of infants and children. North American Vaccine will market the DTaP vaccine and the combination vaccines to government purchasers, including state governments and the Centers for Disease Control and Prevention.
The agreement provides for a total investment of up to $42 million by Abbott. On signing the agreement, North American Vaccine received an equity investment, marketing fee and a clinical development payment in the aggregate amount of $13 million. Under the agreement, North American Vaccine and Abbott will collaborate in the clinical development of the combination vaccines and Abbott will provide North American Vaccine with clinical development funding. In addition North American Vaccine will receive payments upon achievement of prescribed milestones, with the first payment to be made upon FDA approval of the DTaP vaccine. North American Vaccine will receive revenues from Abbott as it purchases the DTaP vaccine and the combination vaccine products for resale to the private pediatric market.
North American Vaccine submitted a Product License Application to the FDA in September 1995 for the DTaP vaccine. Final approval from the FDA is pending.
Abbott Laboratories is a global diversified health care company devoted to the discovery, development, manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. The company employs 52,000 people and markets its products in more than 130 countries. In 1995, the company's sales and net earnings were $10.0 billion and $1.7 billion, respectively, with earnings per share of $2.12. Abbott's news releases are available on the company's web site at http:/www.abbott.com.
North American Vaccine, Inc., is engaged in the research, development and production of vaccines for the prevention of human infectious diseases. North American Vaccine's news releases are available on the company's web site at http://www.nava.com
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CONTACT: Abbott Laboratories Media: Brenda Burris, 614/624-3248 Financial: Patricia Bergeron, 847/938-5633 or North American Vaccine Sharon Mates, Ph.D., 301/470-6100
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