Q-Med AB, Medicis Pharmaceutical Corporation and Genzyme Corporation enter into Settlement Agreement
(Thomson Reuters ONE) -
On October 15, 2010 Genzyme Corporation filed a complaint in the United States
District Court for the District of Massachusetts against Medicis Pharmaceutical
Corporation and its affiliate Medicis Aesthetics Inc. (collectively "Medicis"),
alleging that Medicis is infringing on a patent held by Genzyme by marketing
Restylane(®), Perlane(®), Restylane(®)-L and Perlane(®)-L in the United States.
Pursuant to a license agreement with Medicis, Q-Med elected to assume the
defence of Genzyme's claim.
On February 14, 2011 Q-Med, Medicis and Genzyme entered into a written
settlement agreement whereby none of the parties admits any liability or
wrongdoing relating to the claims in the lawsuit, and pursuant to which Genzyme
has agreed to dismiss the case and release Medicis and Q-Med from any liability
relating to the lawsuit, and has also agreed to a certain covenant not to sue in
exchange for a lump sum payment by Q-Med to Genzyme. Medicis is not required to
make any payment to Genzyme or Q-Med under the terms of the settlement
agreement.
As previously reported, expenses related to the Genzyme suit have been charged
to the fourth quarter, 2010, including the lump sum amount payable to Genzyme.
Q-Med will have no further financial commitments to Genzyme. Only non-
significant costs related to this matter will remain to be charged to the first
quarter of 2011.
Queries should be addressed to:
Alexander Kotsinas, CFO
Tel: +46 73 500 111
Carina Bolin, General Counsel
Tel: +46 70 974 9117
The information in this report is such as that which Q-Med is required to
disclose in accordance with the Swedish Securities Market Act and/or the
Financial Instruments Trading Act. The information was submitted for disclosure
at 7.30 a.m. on February 15, 2011.
Q-Med AB is a medical device company that develops, manufactures, markets, and
sells high quality medical implants for esthetic and medical use. The majority
of the products are based on the company's patented technology, NASHA(TM), for
the production of stabilized non-animal hyaluronic acid. The product portfolio
today contains: Restylane® for filling lines and folds, contouring and creating
volume in the face, Macrolane(TM) for body contouring, Durolane(TM) for the
treatment of osteoarthritis of the hip and knee joints, Deflux® for the
treatment of vesicoureteral reflux, VUR, (a malformation of the urinary bladder)
in children, and Solesta® for the treatment of fecal incontinence. Sales are
made through the company's own subsidiaries or distributors in over 70
countries. Q-Med has about 650 coworkers, with almost 400 at the company's head
office and production facility in Uppsala, Sweden. Q-Med AB is listed in the Mid
Cap segment of the NASDAQ OMX Nordic.
Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Corporate
identity number 556258-6882.
Tel: +46 18 474 90 00. Fax: +46 18 474 90 01. E-mail:info(at)q-med.com. Web: www.q-
med.com
Press Release PDF:
http://hugin.info/130306/R/1488892/424240.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Q-Med AB via Thomson Reuters ONE
[HUG#1488892]
Unternehmensinformation / Kurzprofil:
Datum: 15.02.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 51466
Anzahl Zeichen: 3916
contact information:
Town:
Uppsala
Kategorie:
Business News
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"Q-Med AB, Medicis Pharmaceutical Corporation and Genzyme Corporation enter into Settlement Agreement"
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