BIOMATRIX TO DISTRIBUTE SYNVISC
Biomatrix has signed a deal for distribution of an arthritis drug called Synvisc in Europe and South Africa, extending a previous agreement between the company and Syntex, which already sells the drug in parts of western Europe. Synvisc is a lubricant which is injected into the joints of arthritis sufferers to restore protective and shock-absorbing properties lost in the disease.
Under the new agreement, the European markets covered by Syntex have been expanded to include Germany, Spain. Belgium, Holland, Luxembourg and Switzerland. Syntex will pay Biomatrix $9.3 million and receive 355,000 shares of the company's stock as part of the deal.
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