UPPSALA, Sweden, March 10, 2003 (PRIMEZONE) -- The American antitrust authority, Federal Trade Commission earlier approved Medicis (NYSE:MRX) acquisition of HA North American Sales AB from Q-Med (Stockholm:QMED). Q-Med has now received a first payment of $58.2 million from Medicis.
The previously described deal generates a gross revenue and capital gain of $160 million, due as follows: approximately $58.2 million due upon closing of the transaction; approximately $53.3 million due upon Food and Drug Administration ("FDA") approval of RESTYLANE; approximately $19.4 million due upon certain cumulative commercial milestones; and approximately $29.1 million due upon FDA approval of PERLANE.
Q-Med AB (publ)
Bengt Agerup
President and CEO
Queries should be addressed to
Bengt Agerup, President and CEO +46 70-974 90 25 Erika Kjellberg Eriksson +46 70-974 90 20 Johan Hahnel, Director of Investor Relations and Corporate Communications +46 70-231 08 07.
Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Corporate identity number 556258-6882. Tel: +46(0)18-474 90 00. Fax: +46(0)18-474 90 01. Email:info@qmed.com. Home page: www.q-med.com.
Q-Med AB in brief
Q-Med is a rapidly growing and profitable biotechnology/medical device company that develops, produces and markets medical implants. All products are based on the company's patented technology for the production of NASHA -- Non-Animal Stabilized Hyaluronic Acid. Q-Med's operations focus on the four areas of Esthetics, Orthopedics, Uro- Gynecology, and Cell Therapy and Encapsulation. The products RESTYLANE, RESTYLANE Fine Lines and PERLANE are used for the filling out of lips and facial wrinkles and today account for the majority of sales. A clinical study on MACROLANE for body contouring, for example breast augmentation, is ongoing. DUROLANE, Q-Med's product for the treatment of osteoarthritis of the knee joint, has been approved in Europe since May 2001. DEFLUX is a product which has been approved in Europe and the USA for the treatment of vesicoureteral reflux (malformation of the urinary bladder) in children. ZUIDEX for the treatment of stress urinary incontinence in women has been sold in Europe since July 2002. Since July 2000 Q-Med has owned a majority interest in the American biotechnology company Ixion Biotechnology, Inc., with research within cell therapy for diabetes and within oxalate control. Q-Med today has 369 employees, with approximately 255 at the company's production facility and head office in Uppsala, 20 at Ixion and the remainder in wholly owned foreign sales companies. The Q-Med share was first listed on the O-list of the Stockholm Stock Exchange in December 1999.
Medicis in brief
Medicis is a leading pharmaceutical company in the USA which offers a broad range of products within, amongst other things, the treatment of acne, pigmenting, psoriasis, eczema, skin infections and a large number of other skin-related conditions. Medicis is listed on the NYSE (MRX), has a turnover of over SEK 2 billion and during the past five years has had an annual growth of 40 percent. For further information; www.medicis.com.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
www.waymaker.net/bitonline/2003/03/10/20030310BIT00280/wkr0001.doc
www.waymaker.net/bitonline/2003/03/10/20030310BIT00280/wkr0002.pdf