Flamel Tech (FLML) Enters Coreg CR Supply Agreement with Glaxo (GSK)

Flamel Technologies (Nasdaq: FLML) has entered into a multi-year supply agreement with GlaxoSmithKline (NYSE: GSK) for the production of Coreg CR microparticles. Flamel Technologies is the sole supplier of Coreg CR microparticles for GSK. Under the agreement, Flamel will receive guaranteed minimum payments to supply Coreg CR microparticles over a period of several years. The agreement defines the manufacturing relationship between the two companies following the expiration of the previous supply agreement on December 31, 2010. Pursuant to the agreement, Flamel received a payment of €1.3 MM during the third quarter and anticipates a further €1.3 MM payment to be paid in the next ten days, as well as the higher margin on all product produced by Flamel since January 1, 2011.

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