Par Pharmaceuticals Signs Supply, Distribution Agreement With GlaxoSmithKline To Distribute Generic Zantac Syrup

Par Pharmaceutical Companies, Inc. (NYSE: PRX - News) today announced it has entered into a supply and distribution agreement with GlaxoSmithKline (NYSE: GSK - News) in the U.S. to distribute ranitidine hydrochloride syrup, which is fully substitutable for GSK’s ZANTAC Syrup®. ZANTAC Syrup® is indicated for the treatment of ulcers and other chronic gastro-intestinal conditions. Annual U.S. sales of ZANTAC Syrup® are approximately $124 million, according to IMS Health. Par began shipping ranitidine hydrochloride syrup today.

Under the terms of the agreement, Par commenced shipment of its fully substitutable generic ZANTAC Syrup® once another fully substitutable generic version of the drug became available in the U.S. Par’s product will be manufactured by a GSK subsidiary, and GSK will receive a share of Par’s profits.