Allergan Announces Agreement to Discontinue Peplin Collaboration
IRVINE, Calif., Oct 8, 2004 (BUSINESS WIRE) -- Allergan, Inc. (NYSE:AGN) and Peplin Ltd. have agreed to discontinue their collaboration for the development and commercialization of skin cancer products in North and South America based on Peplin's proprietary and novel anti-cancer compound PEP005. Allergan continues to believe that Peplin's lead investigational product PEP005 Topical has potential in the large, growing and under-served market for treating non-melanoma skin cancer.
"Allergan maintains a disciplined portfolio planning process that seeks to ensure a focus on core programs that project the highest return and is concentrating resources on high potential products with approvals expected between now and 2008," explained Dr. Scott Whitcup, Executive Vice President, Research and Development. "PEP005 was one of the technologies which did not make the funding list for 2005. However, the Company remains committed to the skin care business through its strong presence in the dermatology market with BOTOX(R) Cosmetic and the tazarotene franchise."
This press release contains "forward-looking statements," including the statements by Dr. Whitcup, statements regarding research and development outcomes, efficacy, and market and product potential. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Allergan's expectations and projections. Risks and uncertainties include, among other things, general industry and pharmaceutical market conditions; general domestic and international economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product marketing such as the unpredictability of market acceptance for new pharmaceutical and biologic products and/or the acceptance of new indications for such products; potential difficulties in manufacturing a new product formulation; domestic and foreign health care reforms; the timing and uncertainty of the research and development and regulatory processes; trends toward managed care and health care cost containment; and governmental laws and regulations affecting domestic and foreign operations. Additional information concerning these and other risk factors can be found in press releases issued by Allergan, as well as Allergan's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Certain Factors and Trends Affecting Allergan and its Businesses" in Allergan's 2003 Form 10-K and Form 10-Q for the quarter ended June 25, 2004. Copies of Allergan's press releases and additional information about Allergan is available on the World Wide Web at www.allergan.com or you can contact the Allergan Investor Relations Department by calling 1-714-246-4636.
About Allergan, Inc.
Allergan, Inc., with headquarters in Irvine, California, is a technology-driven, global health care company providing specialty pharmaceutical products worldwide. Allergan develops and commercializes products in the eye care, neuromodulator, skin care and other specialty markets that deliver value to its customers, satisfy unmet medical needs, and improve patients' lives.
Allergan, Irvine Jim Hindman (Investors), 714-246-4636 Joann Bradley (Investors), 714-246-4766 Ashwin Agarwal (Investors), 714-246-4582 Stephanie Fagan (Media), 714-246-5232
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