Actelion to appeal final jury verdict in Asahi Kasei litigation in US Court
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Actelion Pharmaceuticals Ltd /
Actelion to appeal final jury verdict in Asahi Kasei litigation in US Court
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ALLSCHWIL/BASEL, SWITZERLAND - 04 May 2011 - Actelion (SIX: ATLN) today
commented on the verdict issued in regard to Asahi Kasei Pharma Corp. v.
Actelion Ltd. et al. (case number CIV 478533, Superior Court of the State of
California, County of San Mateo) (the "matter") in which the jury awarded Asahi
Kasei Pharma ("Asahi") up to USD 547 million in compensatory damages. In
addition, the jury awarded punitive damages of USD 30 million against certain
individual officers of the company.
Actelion has filed a motion for a required election of remedies and an off-set.
This motion could result in a substantial reduction in compensatory damages.
Specifically, the motion is asking for an election between damages of USD
358.95 million for alleged lost profits or USD 187.4 million in alleged
development costs.
In addition, from either amount the motion is asking for the deduction (off-set)
of USD 78.4 million from a previous payment related to arbitration proceedings
in 2009.
Actelion is disappointed with the jury decision. The company believes that the
ruling is neither supported by the facts nor is it correct as a matter of law.
The company will file appropriate further post-trial motions and will appeal the
entire judgment.
###
Notes to the Editor
About the complaint
On November 19, 2008, plaintiff Asahi Kasei Pharma Corporation ("Asahi") filed a
complaint at the State Court in California, US, against Actelion Ltd and its
subsidiaries Actelion Pharmaceuticals US Inc., Actelion Pharmaceuticals Ltd,
Actelion US Holding Company, CoTherix, Inc. ("CoTherix") and three individual
officers. The action arises from a dispute involving the license and development
agreement between Asahi and CoTherix for the drug compound fasudil that has been
terminated upon the acquisition of CoTherix in 2007.
Actelion's AGM
Actelion's Annual General Meeting of Shareholders approving the Business Report
of the year ending 31 December 2010 will be held on 5 May 2011.
Actelion Ltd.
Actelion Ltd is a biopharmaceutical company with its corporate headquarters in
Allschwil/Basel, Switzerland. Actelion's first drug Tracleer®, an orally
available dual endothelin receptor antagonist, has been approved as a therapy
for pulmonary arterial hypertension. Actelion markets Tracleer® through its own
subsidiaries in key markets worldwide, including the United States (based in
South San Francisco), the European Union, Japan, Canada, Australia and
Switzerland. Actelion, founded in late 1997, is a leading player in innovative
science related to the endothelium - the single layer of cells separating every
blood vessel from the blood stream. Actelion's over 2,400 employees focus on the
discovery, development and marketing of innovative drugs for significant unmet
medical needs. Actelion shares are traded on the SIX Swiss Exchange (ticker
symbol: ATLN) as part of the Swiss blue-chip index SMI (Swiss Market Index
SMI®).
For further information please contact:
Roland Haefeli
Vice President, Head of Investor Relations & Public Affairs
Actelion Pharmaceuticals Ltd, Gewerbestrasse 16, CH-4123 Allschwil
+41 61 565 62 62
+1 650 624 69 36
www.actelion.com
The above information contains certain "forward-looking statements", relating to
the company's business, which can be identified by the use of forward-looking
terminology such as "estimates", "believes", "expects", "may", "are expected
to", "will", "will continue", "should", "would be", "seeks", "pending" or
"anticipates" or similar expressions, or by discussions of strategy, plans or
intentions. Such statements include descriptions of the company's investment and
research and development programs and anticipated expenditures in connection
therewith, descriptions of new products expected to be introduced by the company
and anticipated customer demand for such products and products in the company's
existing portfolio. Such statements reflect the current views of the company
with respect to future events and are subject to certain risks, uncertainties
and assumptions. Many factors could cause the actual results, performance or
achievements of the company to be materially different from any future results,
performances or achievements that may be expressed or implied by such forward-
looking statements. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described herein as anticipated, believed,
estimated or expected.
--- End of Message ---
Actelion Pharmaceuticals Ltd
Gewerbestrasse 16 Allschwil Switzerland
ISIN: CH0010532478;
Press Release PDF:
http://hugin.info/131801/R/1512155/447660.pdf
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Source: Actelion Pharmaceuticals Ltd via Thomson Reuters ONE
[HUG#1512155]
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 54192
Anzahl Zeichen: 6388
contact information:
Town:
Allschwil
Kategorie:
Business News
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