FOR IMMEDIATE RELEASE
MEDIA CONTACTS: Paul Maccabee or Gwen Chynoweth, 612-337-0087
St. Louis, MO – January 11, 2012 – Fleming Pharmaceuticals announced today that, effective December 22, 2011, it has sold its rights to its branded Ocean®, Nephrocaps®, Magonate® and ProBarimin QT® products to Valeant International (Barbados) SRL (“Valeant”). Valeant has appointed its affiliate, Valeant Pharmaceuticals North America LLC, to act as distributor of these products in the U.S.
Fleming also manufactures contract products for a broad customer base, including the federal government. Fleming has retained rights to manufacture and market its widely-known product ThyroShield, one of two FDA-approved potassium iodide medicines used in nuclear emergencies to block the thyroid gland from absorbing radioactive iodine to avoid thyroid cancer. In addition, Fleming has retained its contract services business relating to the development, manufacture and testing for specialty pharmaceutical companies and its physical headquarters in St. Louis, Missouri.
Due to the excess capacity anticipated as a result of the sale of the announced four products, Fleming is now considering proposals from a number of pharma manufacturers for its Midwestern manufacturing capability. A private investment banking firm, Douglas Group, St. Louis, has been retained to facilitate consideration of potential merger or sale for the remaining Fleming operations.