Actelion provides an update in regard to Asahi litigation
Actelion Pharmaceuticals Ltd / Actelion provides an update in regard to Asahi litigation . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.
ALLSCHWIL, SWITZERLAND - 19 December 2013 - Actelion Ltd (SIX: ATLN) announced today that the California Court of Appeal has affirmed the amended final judgment that a California trial court entered against Actelion in November 2011 (Case No. CIV478533 in the California Court of Appeal). That final judgment was for USD $407.325 million, which includes punitive damages of USD $30 million against certain individual officers of the company. In addition, the Court awarded USD $8.3 million in pre-judgment interest and costs.
The company and its external advisors believe that the decision of the Court of Appeal is not supported by the facts and is incorrect as a matter of law. The company strongly believes that there are significant reasons why that decision should not stand. In particular, the decision that a parent corporation can be liable for tortuously interfering with a contract of its wholly-owned subsidiary is inconsistent with the decision of the Supreme Court of California in the Applied Equipment case.
The company will take all necessary steps to file a petition in the Supreme Court of California, requesting that the Court review the Court of Appeal's decision.
NOTES TO THE EDITOR
About the motion
On November 19, 2008, plaintiff Asahi Kasei Pharma Corporation ("Asahi") filed a complaint in 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") 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 motions
Actelion filed a series of post-trial motions which the trial court granted in part, so that the ultimate judgment - accounted for by the company in its 2011 financial reporting - was for approximately USD 385 million in compensatory damages, plus a total of USD 30 million in punitive damages against three officers of the company.
About the appeal
The appeal was filed in the California Court of Appeal (Case No. CIV478533) in December 2011, briefs were exchanged and the oral argument was held on 21 November 2013. The California Court of Appeal affirmed the amended final judgment that the California trial court entered against Actelion in November 2011. The company will take all necessary steps to file a petition in the Supreme Court of California, requesting that the Court review the Court of Appeal's decision.
Actelion Ltd is a biopharmaceutical company with its corporate headquarters in Allschwil/Basel, Switzerland. Actelion first drug Tracleer® (bosentan), 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 2,300 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:
Senior 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
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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Actelion Pharmaceuticals Ltd via Globenewswire
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Actelion Pharmaceuticals Ltd
Gewerbestrasse 16 Allschwil Switzerland
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