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Advancis Pharmaceutical Provides Update on Keflex Brand.

Publication: PR Newswire
Publication Date: 05-JAN-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Company Retains Keflex Assets and $1 Million Upfront Deposit

GERMANTOWN, Md., Jan. 5 /PRNewswire-FirstCall/ -- Advancis Pharmaceutical Corporation , a pharmaceutical company focused on developing and commercializing novel anti-infective products, today announced that its proposed sale of the U.S. rights to the Keflex(R) brand of cephalexin was not completed by December 31, 2005, as earlier expected. Advancis entered into an agreement-in-principle in August 2005 which contemplated the sale of those rights to a private company.

Under the terms of the agreement-in-principle, the private company was to have paid Advancis $11 million for the exclusive rights to manufacture, market and sell Keflex (cephalexin capsules, USP) in the United States. As part of the agreement-in-principle, Advancis received an initial non-refundable deposit of $1 million in exchange for assurances that Advancis would not seek or negotiate with additional partners or potential buyers through December...

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