Novopharm/Deprenyl

Executive Summary

Companies announce strategic alliance Dec. 8 in which Toronto- based Novopharm will purchase 1,176,470 Deprenyl shares at an aggregate price of $3 mil. and will market and sell a generic version of Deprenyl's Eldepryl. Under the agreement, Deprenyl will market and sell multiple sclerosis, spinal cord injury and dermatology products in Canada for Novopharm after regulatory approval of the products. Novopharm will be granted 1,176,470 warrants for shares of Deprenyl common stock exercisable for up to four years at a base price of $2.70 per share. The warrant price escalates by 10% in the third and fourth years. Novopharm Chairman Leslie Dan will join the board of Deprenyl. Martin Barkin, president and CEO of Deprenyl, joins one of Novopharm's strategic committees.