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Article: Davie, Fla.-based Andrx abandons drug brand strategy.
- Article from:
- South Florida Sun-Sentinel (Fort Lauderdale, FL)
- Article date:
- January 5, 2005
CopyrightCOPYRIGHT 2005 South Florida Sun-Sentinal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Glenn Singer
Jan. 5--Davie-based Andrx Corp. said Tuesday it plans to leave the money-losing branded drug business and place greater emphasis on controlled-release pharmaceuticals -- a reversal of an earlier strategy in which the company viewed brand-name drugs as a major way to boost revenue.
Andrx said it hired Banc of America Securities LLC to solicit offers for its brand business. It also terminated a supply and distribution with Pfizer Inc. for Cardura XL, an extended release form of a heart drug found to be effective for prostate problems.
Andrx canceled the deal because the Food and Drug Administration did not approve Cardura XL ...