MONTREAL, CANADA--(Marketwired - July 2, 2013) - Paladin Labs Inc. (PLB.TO), a leading Canadian specialty pharmaceutical company, today announced that it has signed an agreement with Bayer to acquire Binotal® for Latin America including Mexico, Brazil, Columbia, Ecuador and select countries in Central America. Bayer will be providing certain distribution support services for an interim period.
Binotal® (ampicillin trihydrate) has been sold in the region for over 40 years. It has a strong market position for the systemic treatment of bacterial infections at a wide variety of sites with varying severity. In 2012, Binotal® recorded sales of over CAD $11 million in Latin America with Mexico and Brazil representing over two-thirds of the sales. Financial details related to the agreement were not disclosed.
"Binotal® is a proven product with a long history of efficacy and safety in improving the lives of people suffering from bacterial infections," said Mark Beaudet, interim President and CEO of Paladin Labs Inc. "The product has strong brand recognition and strategically ties-in with our desire to grow our business in Latin America. Added to our existing product portfolio, Binotal® will provide additional critical mass and strategic options for further developing our operations in Latin America."
About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Company's web site at www.paladinlabs.com.
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2012. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly fillings, annual report and Annual Information Form and other fillings found on SEDAR at www.sedar.com.