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news.Paladin Labs, a Canadian specialty pharmaceutical company, has acquired Dimethaid Health Care, a subsidiary of Dimethaid Research. Along with the purchase of the company, Paladin also receives the Canadian license for Pennsaid, a lotion that treats the symptoms of knee osteoarthritis.
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Under the terns of the agreement, Dimethaid Research has received an up-front payment, a share in operating profits above minimum targets and a long-term supply agreement.
“Pennsaid offers a valuable treatment option to those suffering from osteoarthritis,” said Jonathan Ross Goodman, president and CEO of Paladin Labs. “This is evidenced by the fact that for the first 6 months of 2005, Pennsaid sales increased by 40% versus last year. We expect that Pennsaid will be an $8-$9 million brand in Canada by the end 2005.”
In a statement from Dimethaid Resaearch, the company said that it had sanctioned the sale of its subsidiary in order to gain funding to implement its business plan.