June
2002
From: SIDMAK
It is my
pleasure to announce that Sidmak Laboratories, Inc., and its wholly
owned subsidiary, Odyssey Pharmaceuticals, Inc., have been acquired
by PLIVA d.d., Croatia.
PLIVA, the
largest pharmaceutical company in Central and Eastern Europe, is a
unique company with investments in both research and development
(R&D). With recent acquisitions of pharmaceutical and
R&D companies in Poland, the Czech Republic, France, Germany,
Denmark, and the UK, PLIVA is in possession more than 400 patents,
and with development of new chemical entity (NCE) and generic
pharmaceutical products PLIVA is well-positioned for sustained growth.
With the
acquisition of Sidmak and Odyssey, PLIVA will now have its first
major presence in the USA. Although it has licensed several
products to major American pharmaceutical companies- particularly
with its discovery of the macrolide antibiotic azithromycin- to date
PLIVA has not been involved directly with the manufacture, sales, or
distribution of finished products for human use within the USA.
This exciting
and timely acquisition by PLIVA will strengthen the Sidmak tradition
of marketing innovative, high-quality, and timely new products.
It is a perfect fit with the strategic goals, direction, and vision
that have been developed for Sidmak and Odyssey. PLIVA will
facilitate Sidmak becoming a leading Specialty Pharmaceutical Company
over the next couple of years, and with its operations in Europe
PLIVA allows us the opportunity to expand this effort globally.
In addition, the strong development capabilities of PLIVA will
provide the addition of many new generic pharmaceuticals to our
expanding product portfolio - including generic versions of biotech pharmaceuticals.
The
acquisition is a value-added and synergistic transaction for both
PLIVA and Odyssey in the branded pharmaceutical activities. Not
only will PLIVA facilitate the very important strategy implemented by
Odyssey of adding brand-name pharmaceuticals to its product
portfolio, but Odyssey will offer its expanding line of brand-name
products to PLIVA for markets outside the USA.
The bottom
line: The changes that will occur at Sidmak/odyssey will be those
that benefit you in the short and long term.
I would like
to take this opportunity to thank you for your ongoing support of
Sidmak and Odyssey. I am confident that with our acquisition by
PLIVA a win-win relationship will evolve for all.
Please feel
free to contact the Sidmak/Odyssey sales department, or me, at
800-922-0547, should you have any questions or concerns relating to
this important development.
Sincerely,
Paul D.
Cottone
President &
CEO
Sidmak Laboratories/Odyssey Pharmaceuticals
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