PL Developments Acquires Exclusive Sales and Distribution Rights to OTC Store Brand Versions of Zegerid
Westbury, N.Y. -- PL Developments today announced that it has acquired the exclusive rights to sell and distribute store brand OTC versions of Omeprazole Sodium Bicarbonate capsules, the generic version of Schering Plough Healthcare Products Inc.’s Zegerid OTC.
Par Pharmaceutical currently has approval for the Rx product and has filed for the OTC version. Upon FDA approval and upon favorable resolution of IP litigation, PL Developments will market Omeprazole Sodium Bicarbonate OTC under store brand to its customers.
Zegerid is the first immediate-release oral proton pump inhibitor (PPI) to be approved for the U.S. market. Zegerid OTC is indicated for the relief of symptoms associated with frequent heartburn associated with gastroesophagael reflux disease. Schering Plough Healthcare Products received approval for the Rx-to-OTC switch of this drug in late 2009 and launched March 2010. Rx Zegerid had annual sales of approximately $218 million in 2009 and Zegerid OTC is forecasted to reach sales of $100 million by 2012, according to data provided by IMS. Store brand sales within the gastrointestinal category grew 11.9% outpacing National Brand growth by 8.7%, based on IRI data 52wk ending Jan 2011.
PL Developments President and CEO Mitch Singer stated, “Our partnership with Par and investment in a first to file generic Omeprazole Sodium Bicarbonate OTC is an exciting example of PL Developments' dedication to bringing valuable products and technologies to our retail partners.”
About PL Developments
PL Developments is a leading manufacturer and packager of store brand Over the Counter (OTC) products. PL Developments distributes products to most major retailers and wholesalers in the United States in all classes of trade (drug, wholesale, grocery, mass, club and discount). PL Developments operates packaging and manufacturing facilities in Westbury, NY and Miami, FL. For additional information visit www.pldevelopments.com.
About Par Pharmaceutical Companies, Inc.
Par Pharmaceutical Companies, Inc. is a US-based specialty pharmaceutical company. Through its wholly-owned subsidiary’s two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets higher-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com