MADISON, Miss. Cypress Pharmaceutical announced it has entered into a multiple generic product development and marketing agreement with Taiwan-based Standard Chemical & Pharmaceutical Co. The agreement encompasses the development and U.S. commercialization of an estimated $3.4 billion in product market capitalization.
“We are very pleased Standard has chosen to partner with us and utilize Cypress’ strong U.S. marketing position,” said Max Draughn, Cypress chief executive officer. “As a seasoned global pharmaceutical company with significant experience in development and manufacturing, Standard is a complementary and compelling partner with Cypress.”
Under the terms of the agreement, Standard has the exclusive development and manufacturing rights and Cypress, has exclusive U.S. marketing rights of the generic drug products. Other financial terms of the agreement have not been disclosed.
Cypress is a specialty pharmaceutical company that develops, markets and distributes generic prescription products to pharmaceutical wholesalers, chain drug stores, distributors and other retail merchandisers. The company has over 35 products in various stages of development, including seven current submissions with the Food and Drug Administration and expects to file up to 20 in 2008.