Actelion provides an update on the award provision in regard to Asahi litigation
(Thomson Reuters ONE) -
Actelion Pharmaceuticals Ltd /
Actelion provides an update on the award provision in regard to Asahi litigation
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The issuer is solely responsible for the content of this announcement.
ALLSCHWIL/BASEL, SWITZERLAND - 29 June 2011 - Actelion (SIX: ATLN) today
announced that in the absence of a judgment 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 company will make a provision for
the full award announced on 04 May 2011.
A judgment was not entered by the trial court on 28 June 2011. As a result and
unless the company receives additional information prior to reporting the half
year results, Actelion will record a provision of USD 577 million (approx CHF
485 million) in the second quarter financial statements. This provision follows
the jury verdict in which Asahi was awarded up to USD 577 million in
compensatory and punitive damages.
The company and its external advisors believe that the verdict is neither
supported by the facts nor is it correct as a matter of law. The company is
therefore confident that there are significant grounds for a successful appeal,
which will be filed in due course.
The provision reflecting the judgment award as entered will be adjusted in the
third quarter financial statements. Should the judgment award remain at USD 577
million - the provision for this amount is very likely to result in the company
recording a US GAAP operating loss for 2011.
Charges related to the judgment will not be included in Non-GAAP EBIT, and
therefore do not affect our guidance for the year, which is expressed in local
currencies. Due to the continued strength of the Swiss Franc, Non-GAAP EBIT, as
expressed in our reporting currency - at current exchange rates - is expected to
be lower for the full year 2011 as compared to 2010. The company will provide
further updates with its Half Year reporting.
###
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.
About the jury verdict
On 04 May 2011 a 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.
About the post-trial motion
In a post-trial motion Actelion requested 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 requested the deduction (off-set) of
USD 78.4 million from a previous payment related to arbitration proceedings in
2009.
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
--- End of Message ---
Actelion Pharmaceuticals Ltd
Gewerbestrasse 16 Allschwil Switzerland
ISIN: CH0010532478;
Press Release PDF:
http://hugin.info/131801/R/1526777/462442.pdf
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Source: Actelion Pharmaceuticals Ltd via Thomson Reuters ONE
[HUG#1526777]
Unternehmensinformation / Kurzprofil:
Datum: 29.06.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 55936
Anzahl Zeichen: 5895
contact information:
Town:
Allschwil
Kategorie:
Business News
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