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Forbes Declines To Buy

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By: Sean Moloughney

Editor, Nutraceuticals World

Forbes Declines To Buy
Back Reducol™ Rights
Forbes Medi-Tech, Vancouver, British Columbia, Canada, has exercised its right not to buy back the licensing and distribution rights to its cholesterol-lowering food ingredient Reducol™ from Novartis Consumer Health, Basel, Switzerland. Forbes’ relationship with Novartis reverted back to the terms of the original master license agreement (MLA) as of March 19 and has since terminated for non-compliance by Novartis. Under terms of the MLA, termination becomes effective on or about June 18, 2002, at which time the licensing and distribution rights to the company’s cholesterol-lowering ingredient will revert back to Forbes. The name Reducol will remain the property of Novartis and accordingly, the company will revert back the original name of Phytrol™.

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