22 March 2007: GW Pharmaceuticals plc and Otsuka Pharmaceutical Co. Ltd today announce that they have each received early termination by the United States Federal Trade Commission and the Antitrust Division of the United States Department of Justice of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the development and license agreement announced on 14 February 2007 granting Otsuka exclusive rights to develop and market Sativex®, GW’s lead product, in the United States. With the grant of HSR clearance, GW and Otsuka have now received the approval of the U.S. antitrust authorities necessary to close the transaction.
On 14 February 2007, GW and Otsuka announced that they had entered into a major long term strategic cannabinoid alliance. The relationship has commenced with the grant to Otsuka of an exclusive license to develop and market Sativex in the U.S. The companies are also in detailed discussions with a view to entering into a cannabinoid research collaboration in the field of Central Nervous System (CNS) disorders and cancer treatment in order to research, develop and commercialize a range of other early stage cannabinoid product opportunities.
Enquiries:
For GW: GW Pharmaceuticals plc Tel: +44 1980 557000 Dr Geoffrey Guy, Chairman Justin Gover, Managing Director
Financial Dynamics Tel: +44 20 7831 3113 David Yates, Nicola Daley For Otsuka: US Enquiries Debbie Kaufmann Tel: +1 240 683 3568 Europe Enquiries Alison Ross Tel: +44 1895 207 7122 Japan Enquiries Hideki Shirai Tel: +81 3 3292 0021
Notes to Editors
About Otsuka Pharmaceutical Co., Ltd
Founded in 1964, Otsuka Pharmaceutical Co., Ltd. is a healthcare company with the mission statement: “Otsuka - people creating new products for better health worldwide”. Otsuka researches, develops, manufactures and markets innovative, original products, focusing its core businesses on pharmaceutical products for the treatment of disease and consumer products for the maintenance of everyday health. The Otsuka Pharmaceutical Group comprises 87 companies and employs approximately 27,000 people in 17 countries and regions worldwide. Otsuka and its consolidated subsidiaries earned US $6.8 billion in consolidated annual revenues in fiscal 2005. The Group has R&D facilities in Japan (Osaka and Tokushima), EU (Frankfurt) and US (Rockville, MD). Its commercial operations are headquartered in US (Rockville, MD and Princeton, NJ), EU (UK) and Japan (Tokyo). For additional information, visit www.otsuka-global.com
About GW
GW was founded in 1998 and listed on the AiM, a market of the London Stock Exchange, in June 2001. Operating under license from the UK Home Office, the company researches and develops cannabinoid pharmaceutical products that alleviate pain and other neurological symptoms in patients who suffer from serious ailments. GW has assembled a team of over 100 scientists with extensive experience in developing both plant-based prescription pharmaceutical products and medicines containing controlled substances. GW occupies a world leading position in cannabinoids and has developed an extensive international network of the most prominent scientists in the field. GW has to date entered into two additional Sativex license agreements – with Bayer HealthCare in the UK and Canada, and with Almirall in Europe (ex-UK). These agreements together provide payments to GW totaling up to £79m ($156m) as well as significant long term supply price provisions. For further information, please visit www.gwpharm.com
