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King Pharmaceuticals CEO focuses on patented products. Full article published: 01/13/2000     JOHN M. GREGORY is CEO of King Pharmaceuticals, Inc. (Nasdaq:KING)


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TWST: Give us a brief overview of King Pharmaceuticals.

Mr. Gregory: King started in January of 1994 as a contract manufacturer for big pharma companies like SmithKline Beecham and Novartis. In 1996 we switched gears through our Monarch Pharmaceutical subsidiary and began to focus more on brand name pharmaceutical product lines. We acquired our first major branded product called CORTISPORIN from Glaxo-Wellcome in early 1997, and that effectively initiated our branded strategy and promotion of branded products. As revenues continued to grow we decided to take the company public in June of 1998. As a matter of fact, we effected the largest pharmaceutical IPO of 1998. At the end of 1998 we completed our largest transaction to date, with the purchase of ALTACE from Hoechst Marion Roussel for $362 million. ALTACE at that time was generating approximately $95 million in revenues, and to date, that represents the largest single product acquisition by an emerging pharmaceutical company. In 1999 the company continued its marketing and promotion of its brand name product portfolio, and we purchased in August of 1999 the patented antibiotic LORABID from Eli Lilly. We bought that product from Eli Lilly for $90 million, and it has a current run rate of about $60 million. Then on August 31, 1999, the results of the HOPE study pertaining to our product ALTACE were released and presented at the ESC meeting in Barcelona, Spain, which was a very significant event for the company. Thereafter, in November, the results were presented at the American Heart Association meeting in Atlanta, and The New England Journal of Medicine released the results of the HOPE Study prior to the projected publication date in January 2000 because of the significant public health implications of the findings. And as we speak, we are aggressively disseminating the HOPE Study results to physicians and informing them of the success of ALTACE in the HOPE clinical trial. So we are focused presently on the marketing of our brand name products, especially ALTACE and LORABID.

TWST: Are you also developing products on your own?

Mr. Gregory: We do some internal development. We're mainly focused on different forms of product life cycle management: including different strengths, dosage formulations, and indications for our products. However, we are considering the possibility of acquiring more patented development-stage products in the future.

TWST: What role do generics have to do in this scenario?

Mr. Gregory: We are focused on exclusive patented products in our acquisition growth strategy and in our promotion. Employing this strategy, generics will continue to become less significant to our company.


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This interview is a small excerpt from a comprehensive interview published in The Wall Street Transcript on01/13/00. For more information call (212) 952 7400. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.

Copyright 2000, Wall Street Transcript Corp.

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