SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 21, 2001
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PROFESSIONAL DETAILING, INC.
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(Exact name of Registrant as specified in
its charter)
DELAWARE 0-24249 22-2919486
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
10 Mountainview Road,
Upper Saddle River, NJ 07458
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(Address of principal executive (Zip Code)
office)
(201) 258-8450
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Registrant's telephone number, including area code:
N/A
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(Former name or former address, if changed since
last report)
Item 5. Other Events
On May 21, 2001 the Registrant issued the following press release:
"PDI SELECTED BY NOVARTIS PHARMACEUTICALS
CORPORATION FOR U.S. SALES MARKETING &
PROMOTION RIGHTS FOR LOTENSIN(R)AND LOTENSIN
HCT(R)AND FOR CO-PROMOTION OF LOTREL(R)
Upper Saddle River, New Jersey (Monday, May 21, 2001). Professional Detailing,
Inc. ("PDI") (Nasdaq: PDII) today announced that it has entered into an
agreement with Novartis Pharmaceuticals Corporation, the U.S. pharmaceuticals
affiliate of Novartis AG (NYSE:NVS), for the U.S. sales, marketing & promotion
rights for Lotensin(R) (benazepril HCI) and Lotensin HCT(R) (benazepril HCI and
hydrochlorothiazide USP) and co-promotion rights for Lotrel(R) (amlodipine and
benazepril HCI). Novartis will retain certain regulatory responsibilities for
Lotensin and Lotrel and will retain ownership of all intellectual property.
Additionally, Novartis will continue to manufacture the products.
Pursuant to the agreement, which runs through December 31, 2003, PDI will
provide promotional, selling and marketing services for Lotensin, an ACE
inhibitor, as well as brand management services. In exchange for such services,
PDI will receive a split of incremental net sales above specified baselines.
PDI will also co-promote Lotrel for which it will be compensated on a fee for
service basis with potential incentive payments based upon achieving certain net
sales objectives. Lotrel is a combination of the ACE inhibitor benazepril and
the calcium channel blocker amlodipine.
"We are extremely pleased that we have reached an agreement with Novartis whose
global presence, portfolio scope and current priorities combine to make this an
ideal time for PDI to deliver solutions using our new business model. This
unique multi-year agreement brings our LifeCycle X-Tension services to Lotensin
and Lotensin HCT, as well as co-promoting Lotrel, one of Novartis' growth
drivers, while utilizing the same sales force. Through our history of
innovation, we have clearly established PDI as the sales and marketing partner
of choice to the U.S. pharmaceutical industry," said Chuck Saldarini, PDI's Vice
Chairman and Chief Executive Officer.
Mr. Saldarini added, "Since the introduction of our LifeCycle Ventures unit in
early 2000, we have demonstrated our ability to deliver an integrated `surround
the brand' value chain combining both sales and marketing services. We are
thrilled to be working with Novartis and look forward to the successful
execution of this program."
Webcast
PDI will conduct a live webcast of its partnership briefing at 9:00 AM EDT,
tomorrow morning, Tuesday, May 22, 2001. The live webcast of the event will be
accessible through PDI's website, www.pdi-inc.com and will be archived on the
website for future on-demand replay.
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Company Background & Services
Professional Detailing, Inc. is a leading provider of sales and marketing
services to the United States pharmaceutical industry. We have achieved our
leadership position based on more than 13 years of designing and executing
customized sales and marketing programs for many of the pharmaceutical
industry's largest companies and have long standing relationships with our major
clients.
The Company provides several principal services:
Dedicated Contract Sales Services, in which programs are customized to client
specifications;
Syndicated Contract Sales Services, provided through the Company's ProtoCall
unit, enabling clients to tap into an existing, large-scale sales team for
specific detail positions and periods;
LifeCycle X-Tension Services, provides sales, marketing and distribution
services for companies facing portfolio optimization challenges;
LifeCycle Launch, provides commercial launch services for emerging and
biotechnology companies to independently launch new brands;
Medical Education and Communication Services, provided through the Company's TVG
unit, in which clients can access continuing medical education, Sales Force
Tactical Briefings(TM) and peer to peer promotion; and
Marketing Research and Consulting Services, provided through the Company's TVG
unit, enabling clients to study qualitative and quantitative aspects of brand
performance on a pre-launch, launch and continuing basis.
This press release contains forward-looking statements involving risks and
uncertainties that may cause actual results to differ materially from those
indicated due to a number of factors, including execution of definitive
agreements for the redeployment of the subject sales force. The Company's
plans and objectives are based on assumptions involving judgments with respect
to future economic, competitive, regulatory and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the control of the Company. Therefore,
there can be no assurance that the forward-looking statement will prove to be
accurate. The Company's documents filed with the SEC identify important
factors that may cause the actual results to differ materially from those
indicated by the forward-looking statements."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROFESSIONAL DETAILING, INC.
By: /s/Charles T. Saldarini
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Charles T. Saldarini
Chief Executive Officer
Date: May 22, 2001
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