Paladin Labs Inc., through its wholly owned subsidiary, Squire Pharmaceuticals Inc. announced that it has entered into an agreement with Shire BioChem Inc., Shire US Inc. Shire US Manufacturing Inc. and Shire LLC to acquire a total of eight products currently marketed in Canada by Shire BioChem Inc.

The agreement includes the acquisition of the rights to the products: (1) Barriere-H.C.(hydrocortisone - silicone), (2) Betnesol (betamethasone), (3) Duvoid (bethanechol chloride), (4) Florinef (fludrocortisone acetate), and (5) Propaderm (beclomethasone dipropionate). In addition, the agreement includes three additional products to be announced and phased in at a later date. Financial terms of the agreement were not disclosed.

According to IMS Canada, in 2006, Canadian sales of the portfolio of products amounted to approximately $6.7 million. The portfolio spans urology, dermatology, metabolic and central nervous system disorders, and will complement existing Paladin products in these therapeutic areas.

"We welcome the opportunity to expand our business relationship with Shire. This portfolio of products includes several medically necessary products that Paladin is pleased to continue to make available to Canadian patients," said Jonathan Ross Goodman, President and CEO of Paladin Labs. "The on-boarding and continued distribution of this portfolio falls within one of our organization's core competencies and will prove synergistic with existing distribution activities on our broader base business. As always, Paladin remains focused on pursuing additional opportunities to extend our product portfolio."

Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market.