"A Legacy of Excellence"
Wallace's roots can be traced back to the 1800s and a modest pill compounded by an Erie, Pennsylvania doctor for folks suffering from digestive distress. 'Carter's Little Liver Pills' were first advertised by a sign placed in Dr. John Samuel Carter's pharmacy window; however, the pills' popularity soon spread beyond the capacity of the pharmacy's back room. By 1859, a four-floor plant had been built to produce the liver pills. Although Dr. Carter also had developed other products, it was the sales of the liver pills that led New York businessman Brent Good to suggest a merger that created a nationwide business. In 1880, Carter Medicine Company was born.
In its first year of business, the company spent a third of its revenues on advertising. Coupled with all the other start-up expenses, plus the move to New York, the first year ended in the red, but belief in the liver pills remained strong. By its second year, Carter was exporting to Canada and England and enjoying vigorous sales in the United States. By 1890, the company had already outgrown its new quarters and moved to larger ones. Soon after, imitators began popping up everywhere.
In 1935, the innovative contributions from a research chemist in Princeton, NJ, John H. Wallace, helped the company top the $1 million mark for the first time in history. To reflect its new direction, the company's name was changed to Carter Products, Inc., in 1937.
During the 1950's, attention turned to ethical drugs as the newest market. The company began to look at the development of prescription drugs and Miltown, a tranquilizer that was the first of its kind was born. Miltown relaxed muscles and also relieved mental stress. Following its introduction in 1955, Miltown's sales doubled and tripled each of the subsequent five months. By 1958 Carter was again constructing a new plant to handle production demands.
Celebrating its 75th anniversary in 1955, Carter Products looked back on a remarkable record of growth with its products selling in 54 countries. Two years later, the company listed stock on the New York Stock Exchange. The company served as a sponsor of such radio programs as 'Amos 'n Andy' and 'Fibber McGee and Mollie' and was a pioneer among television advertisers, thus making Carter products familiar to millions.
By the mid 1960's, the Wallace Laboratory division of Carter Products had compiled more than 13 product innovations. In 1965 the company name was changed to Carter-Wallace, Inc., a reflection of this division's importance to the firm. In 1961, a new product was released that same year, a muscle relaxant with the generic name carisoprodol and the brand name Soma. Soma sales did not rival Miltown's sales; but, it did, however, signal further diversification.
By 1970, company sales topped $125 million and the company was marketing 32 products at home and abroad and Wallace Laboratories began concentrating on three major groups of therapeutic agents: anti-inflammatory compounds, anti-arteriosclerotic compounds, and antihistamines. The company obviously had come a long way from the days when its staple product was Carter's Little Liver Pills.
In 1987, drug sales were growing at four percent a year, increasing from $152 million in 1983 to $209 million. This division accounted for nearly half of company sales in 1987. Despite the expiration of Miltown's lucrative patent protection, Carter-Wallace had established an effective strategy of licensing foreign drugs and bringing them into U.S. markets. Dwarfed in size by some of its competitors in this field, Carter-Wallace focused more on solid products with steady sales than on the discovery of cutting-edge drugs.
By the end of 1990, the company had shifted its strategy slightly and increased its research and development spending by 20 percent over the previous year; the company further claimed that it would increase spending in this area by another 20 percent in 1991. Carter-Wallace tested drugs for the treatment of such ailments as epilepsy, asthma, and angina. Consumer goods and drugs are fairly recession-proof industries. Carter-Wallace purchased Dramamine, a motion sickness product, from Procter & Gamble Company in 1991.
In 1996 Wallace Laboratories introduced ASTELIN, a prescription nasal spray indicated to treat seasonal allergic rhinitis. The antihistamine received FDA approval in November 1996 and hit the market the following March.
September 2001 brought the biggest change to the Carter-Wallace business in more than one-hundred years when the pharmaceutical and diagnostics businesses of Carter-Wallace, Inc. was sold to MedPointe Capital Partners, backed by private equity firms The Carlyle Group and The Cypress Group in a cash deal valued at approximately $408 million. In the deal, MedPointe acquired Wallace Laboratories, Carter-Wallace's pharmaceutical arm, and Wampole Laboratories, its diagnostics unit, as well as the rights to the Carter-Wallace name.
In July 2007 Sweden based Meda signed an agreement to acquire all shares in MedPointe Inc. Meda had been collaborating with MedPointe on azelastine throughout the previous 5 years and worked closely on product supply. Meda is a leading international specialty pharma company with a broad product portfolio and its own sales organizations in almost 60 countries. Including those markets where sales are managed by distributors, Meda's products are sold in more than 120 different countries. Meda AB is the Group's parent company and its head office is in Solna, Sweden. Meda was listed in 1995 at the Stockholm stock market and since 2006 listed under Large Cap on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden. Find out more about Meda AB by visiting www.meda.se
Wallace Pharmaceuticals Inc., a wholly owned subsidiary of Meda Pharmaceuticals, continues the proud heritage of consistency and excellence it has demonstrated over the past 100 years. Wallace Pharmaceuticals is part of a fully integrated global pharmaceutical company that has successfully manufactured pharmaceutical products for decades in their corporately owned manufacturing facilities and offers its stakeholders in the value chain the highest quality generic products.