At its meeting held today, the Board of Directors of Orion Corporation has made a decision to discontinue the project initiated a year ago for the establishment of a new pharmaceutical research company. A solution satisfactory for Orion could not be found for the arrangement in the light of the recent developments in Orion Pharma. Following the termination of the deramciclane clinical studies in February due to insufficient efficacy, the research portfolio is being re-evaluated from the prevailing starting points.
Conclusions will be drawn during the second quarter as part of the actions currently underway in Orion Pharma to adjust operations for improved profitability. The revisited R&D strategy and its impacts on the new portfolio will be disclosed at Orion's next Capital Markets Day, which is to be held on 5 June 2003 in Espoo, Finland.
Orion Corporation
Jukka Viinanen Jari Karlson
President and CEO CFO
President and CEO CFO
Contact persons:
Jukka Viinanen, President and CEO, phone +358 10 429 3710
Jari Karlson, CFO, phone +358 10 429 2883
Publisher:
Orion Corporation
Corporate Administration
Orionintie 1A, FIN-02200 Espoo
Homepage: www.orion.fi