Biovail Backs Away,Kos Comes On
Listen to this articleIn The NewsBiovail, Canada?s largest drugmaker, moved to cut back its operations in the U.S. last week by selling three cardiac drugs to Kos Pharmaceuticals of Cranbury and shedding 500 workers. Toronto-based Biovail has its U.S. headquarters in Bridgewater and a spokesman for the company said 40 to 50 employees will be eliminated from among its 200 workers there. Kos plans to take on 200 of the workers being let go by Biovail; about 150 of its hires are expected to be former Biovail sales reps. Kos is paying Biovail $104 million in cash for ownership of two forms of Teveten?which had U.S. sales of $18 million last year?and for a supply agreement for Cardizem LA, which had sales of $54 million. The drugs are used to treat angina and hypertension.
