Actelion provides update on post-trial motions in Asahi Kasei litigation
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Actelion Pharmaceuticals Ltd /
Actelion provides update on post-trial motions in Asahi Kasei litigation
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ALLSCHWIL/BASEL, SWITZERLAND - 29 July 2011 - Actelion (SIX: ATLN) today
announced that 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 court has granted Actelion's post-trial motion for offset of a
previous arbitration payment and applied a reduction of USD 70.35 million to the
May 4th jury award of USD 577 million.
On procedural grounds, the court denied Actelion's post-trial motion for an
election between damages for alleged lost profits and alleged development costs.
The court indicated that the appropriate time for such an issue to be considered
is after judgment has been entered. Such judgment is now expected no sooner than
8 August 2011.
Once judgment is entered, the company will file new motions which address this
issue and also file an appeal.
###
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 and the upcoming appeal
On 04 May 2011 a jury awarded Asahi Kasei Pharma ("Asahi") up to USD 547 million
in compensatory damages (358.95 million in alleged lost profits and 187.4
million for alleged development costs). In addition, the jury awarded punitive
damages of USD 30 million against certain individual officers of the company.
The company and its external advisors believe that the jury 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 following entry of judgment and rulings on
further post-trial motions.
About previous motions filed by Actelion
In May 2011, Actelion filed motions 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.
About Actelion's provisions
Actelion recorded a provision of USD 577 million (approx CHF 485 million) in the
second quarter financial statements. The provision will be adjusted once
judgment is entered and decisions on post-trial motions are finalized.
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/1534997/468003.pdf
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Source: Actelion Pharmaceuticals Ltd via Thomson Reuters ONE
[HUG#1534997]
Unternehmensinformation / Kurzprofil:
Datum: 29.07.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 56856
Anzahl Zeichen: 5712
contact information:
Town:
Allschwil
Kategorie:
Business News
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