Pfizer Inc. (Active Pharmaceutical Ingredient Watch).(seeks to terminate license agreement with Novo Nordisk )(Brief Article)

Chemical Market Reporter, June, 2003

NOVO NORDISK A/S reports that Pfizer Inc. has attempted to terminate the license agreement under which Pfizer markets Novo Nordisk's portfolio of hormone replacement therapy products, Activella and Vagifem, in the US. In 2002, Novo Nordisk gained a licensing payment of roughly DKK100 million ($16 million), or 1.7 percent of its operating profit, on US sales of Activella and Vagifem at DKK600 million ($94.5 million) to DKK700 million, according to JP Morgan.

Year-over-year sales of the products are forecasted to decline by 5 percent. Novo Nordisk disputes Pfizer's ability to terminate the agreement.