March 03, 2005

IN BRIEF: FIRST HORIZON PHARMACEUTICAL CORP.

First Horizon Pharmaceutical Corp. entered into an agreement to acquire U.S. rights to Andrx Corp.'s pharmaceutical names Fortamet (metformin hydrochloride) and Altoprev (lovastatin). Fortamet treats type 2 diabetes, while Altoprev is a cholesterol drug. The companies also entered into a long-term manufacturing and supply agreement. First Horizon will pay $50 million at closing and up to $35 million if Andrx maintains certain manufacturing service levels. Andrx can also receive royalties on net sales of the products.

April 29, 2004

FDA APPROVES FORTAMET AS ADJUNCTIVE THERAPY FOR LOWERING BLOOD GLUCOSE

Andrx Corp. received approval from the Food and Drug Administration for Fortamet (metformin hydrochloride) 500 and 1,000 mg extended-release tablets to be used as adjuncts to diet and exercise to lower blood glucose among patients with type 2 diabetes.

"These two strengths of Fortamet are intended to improve patient compliance and further demonstrate the value of Andrx's controlled-release technologies," said Andrx Chief Executive Officer Thomas Rice.

The pharma brand Fortamet extended-release tablets utilize Andrx's single-composition osmotic technology and work by suppressing hepatic glucose production and improving peripheral insulin sensitivity.

The firm initially received an FDA approvable letter for the drug in October.

Andrx added that it is in discussions with the FDA to market its cholesterol-lowering Altocor (lovastatin) extended-release product under a new pharmaceutical name in order to avoid possible confusion in the marketplace.