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Forbes Signs International Supply Agreement with Pan Pharmaceuticals & Reaches Agreement With Novartis

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By: Sean Moloughney

Editor, Nutraceuticals World

Forbes Signs International Supply Agreement With Pan Pharmaceuticals & Reaches Agreement With Novartis
Vancouver, British Columbia-based Forbes Medi-Tech has signed an international supply agreement with Pan Pharmaceuticals, Sydney, Australia, for Reducol™. The initial supply agreement is for a minimum of three years and secures Pan Pharmaceuticals’ exclusive rights to supply Reducol in dietary supplement form to the Australian market and selected countries in Asia, the Middle East and Africa as well as three countries in Europe.
In terms of Forbes’ agreement with Novartis Consumer Health, Nyon, Switzerland, Forbes has agreed to pay Novartis $2.5 million. Of this amount, $.5 million will be offset against money owed by Novartis to Forbes. The net payment by Forbes to Novartis will be $2 million paid in royalties from future phytosterol sales between June 22 and December 31, 2003.

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