SCRIPPS/SANDOZ FINALIZED $100 MIL. AGREEMENT SLATED TO TAKE EFFECT IN 1997

Executive Summary

SCRIPPS/SANDOZ FINALIZED $100 MIL. AGREEMENT SLATED TO TAKE EFFECT IN 1997 with Sandoz Pharmaceuticals providing the Scripps Research Institute with yearly funding of $20 mil. over the next five years, Scripps announced May 16. Under the revised agreement, Sandoz will provide Scripps with $13 mil. per year in general funding and $7 mil. per year in specific funding -- a reduction from the original provision for $18 mil. of general and $12 mil. of specific funding annually. In the earlier agreement, Scripps would have received $300 mil. over a 10-year period from Sandoz. There is an option to extend the new contract for an additional five years.