Eurand Enters Agreement With Daewoong Pharmaceutical Co. Ltd (South Korea) for Once-Daily Extended Release Muscle Relaxant

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PHILADELPHIA, Pa., Aug. 1, 2008 (PRIME NEWSWIRE) -- Eurand N.V.
(Nasdaq:EURX), a specialty pharmaceutical company that develops,
manufactures and commercializes enhanced pharmaceutical and
biopharmaceutical products based on its proprietary drug formulation
technologies, announced today that it has signed a license and supply
agreement with Daewoong Pharmaceuticals Co. Ltd, a leading South
Korean pharmaceutical company. Under terms of the agreement, Daewoong
will commercialize, subject to regulatory approval, Eurand's novel
extended-release (ER) formulation of the muscle relaxant
Cyclobenzaprine HCl in South Korea. Cyclobenzaprine ER has been
developed using Eurand's innovative Diffucaps(r) technology.
Financial terms were not disclosed.

Andrew Thompson, Licensing Director of Eurand, commented, "We are
pleased to have signed this agreement with Daewoong, which marks an
important step in our business development in both South Korea and
Southeast Asia. In this region, we hope to emulate the success that
our commercially proven technologies have already achieved with
currently marketed products in the United States, European Union and
Japan. Based on its successful track record in South Korea, we
believe Daewoong is well-positioned to maximize the market
opportunity for this unique once-daily muscle relaxant. With this
agreement, we look forward to increasing our presence in Southeast
Asian markets through additional partnerships and collaborations with
leading pharmaceutical companies in the region."

Kwan-Soo Park, Business Development Director of Daewoong
Pharmaceuticals Co. Ltd, stated, "Eurand is an ideal partner for us
and Cyclobenzaprine ER is an excellent fit with our portfolio,
providing us the opportunity to offer physicians and patients the
benefits of convenient dosing and low rates of sedation. We believe
there's a substantial market opportunity in South Korea for this
once-daily muscle relaxant."

Cyclobenzaprine HCl is a centrally acting muscle relaxant indicated
as an adjunct to rest for the relief of muscle spasm associated with
acute, painful musculoskeletal conditions. Cyclobenzaprine ER is
marketed in the U.S. by Cephalon under the brand name Amrix(r).
Cyclobenzaprine ER is available for licensing in certain other
countries.

Eurand has a strong track record of developing enhanced
biopharmaceutical and pharmaceutical products using its innovative
drug formulation technologies. The Company has partnered with several
leading global pharmaceutical companies licensing its four primary
technology platforms: Customized Drug Release, Bioavailability
Enhancement, Taste Masking and ODTs, and Drug Conjugation. Currently,
more than 40 products using these technologies are commercialized
worldwide in a variety of therapeutic indications, including:
* Gastro-Intestinal (Minitabs(r) Pancreatin formulations)
* Cardiovascular
* Osteoporosis
* Nutrition (Diffucaps(r) Vitamin C 500 mg Sustained Release
capsules)
* Respiratory
* Pain Management (Diffucaps(r) Sodium Diclofenac Sustained Release
capsules)

Also, a variety of products are under further development using the
AdvaTab(r) Oral Disintegrating Tablet (ODT) technology, including:
* AdvaTab(r) formulations of over-the-counter (OTC) Paracetamol
250mg and 500mg strengths currently under registration in six
European Union countries.
* An AdvaTab(r) formulation of Diphenhydramine Citrate 25mg used
as a night-time sleep-aid and recently launched as an OTC by
Chattem, Inc. in the United States under the brand "Unisom(r)
SleepMelts."

A number of these products are available for licensing in certain
countries worldwide.

About Daewoong Pharmaceuticals Co. Ltd

Daewoong is a leading Korean pharmaceutical company with annual
turnover of nearly $500 million U.S. in 2007. In 2007, Daewoong
Pharmaceutical Co. Ltd. was ranked first in the South Korean
pharmaceutical market in terms of requested reimbursement totals,
according to Health Insurance Review Agency (HIRA). Besides being a
global player, Daewoong is expanding its business to overseas market
throughout Asia first.

Daewoong engages in the research, development, manufacturing and
marketing of healthcare products. It offers products in various
therapeutic fields including cardiovascular diseases, metabolic
disorders, disorder of central nerve system, digestive disorders,
oncology and vaccines.

Daewoong's R&D activity explores a broad spectrum of innovative
approaches and has developed new products in key therapeutic area
such as EGF for Mucosytis and Wounds, DWP05195 for Neuropathic Pain,
and DWP06018 for Fungal Infection.

In particular, Daewoong has made numerous successful partnerships
with multinational pharmaceutical companies launching many
blockbuster products on the Korean market, and its strong growth is
attributable to its dedication to excellence in sales and marketing,
which is backed by a comprehensive portfolio of both innovative and
generic prescription drugs.

For more information, visit Daewoong's website at www.daewoong.co.kr

About Eurand

Eurand is a specialty pharmaceutical company that develops,
manufactures and commercializes enhanced pharmaceutical and
biopharmaceutical products based on its proprietary drug formulation
technologies. Eurand has had four partnered products approved by the
FDA since 2001 and has a pipeline of product candidates in
development for itself and its collaboration partners. Eurand
completed two phase III clinical trials for EUR-1008 (Zentase),
intended for the treatment of Exocrine Pancreatic Insufficiency and
as announced on June 18, 2008, received an approvable letter from the
FDA for its NDA for this product. Eurand's technology platforms
include bioavailability enhancement of poorly soluble drugs,
customized release, taste-masking/fast-dissolving formulations and
drug conjugation.

Eurand is a global company with facilities in the U.S. and Europe.
For more information, visit Eurand's website at www.eurand.com.

This release may include forward-looking statements. Such
forward-looking statements include those which express plan,
anticipation, intent, contingency, goals, targets or future
development and/or otherwise are not statements of historical fact.
The words "potentially", "anticipates", "could", "calls for" and
similar expressions frequently identify forward-looking statements.
These statements are based upon management's current expectations and
are subject to risks and uncertainties, known and unknown, which
could cause actual results and developments to differ materially from
those expressed or implied in such statements. Factors that could
affect actual results include risks associated with the possibility
that the FDA does not approve our NDA or delays approval; the outcome
of any discussions with the FDA; and unexpected delays or additional
requirements in preparation of materials for submission to the FDA as
a part of our NDA filing. Forward-looking statements contained in
this press release are made as of this date, and we undertake no
obligation to publicly update any forward-looking statement, whether
as a result of new information, future events or otherwise. Actual
events could differ materially from those anticipated in the
forward-looking statements.

CONTACT: Eurand
Bill Newbould
+1 267-759-9335
bill.newbould@eurand.com

The Ruth Group
Nick Laudico
+1 646-536-7030
nlaudico@theruthgroup.com
Sara Ephraim
+1 646-536-7002
sephraim@theruthgroup.com

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Eurand N.V.
845 Center Drive Vandalia, Ohio USA

WKN: A0MSPK; ISIN:
NL0000886448;
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