Actelion provides update on Asahi litigation
(Thomson Reuters ONE via COMTEX) -- Actelion Pharmaceuticals Ltd / Actelion provides update on Asahi litigation . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.
ALLSCHWIL/BASEL, SWITZERLAND - 13 March 2014 - Actelion Ltd (six:ATLN) today announced today that the California Supreme Court denied Actelion's petition for review of the Court of Appeal's decision affirming the final judgment entered against Actelion in November 2011 in Asahi Kasei Pharma Corp. v. Actelion Ltd., et al. (case S216123).
Actelion is disappointed by the decision and strongly believe there are significant reasons why the Supreme Court should have reviewed the case. The judgment now stands.
In 2011, Actelion provided for the final amount of USD 407.7 million awarded to Asahi. Furthermore the company also provided - on an ongoing basis - for interest in relation to the appeal. As such, there will be no further adverse effect to the company's Profit and Loss statement in 2014 other than accrued interest of USD 10 million.
Going forward, Actelion will continue to build leadership of pulmonary arterial hypertension and other orphan diseases and will remain committed to patients.
Actelion Ltd. is a leading biopharmaceutical company focused on the discovery, development and commercialization of innovative drugs for diseases with significant unmet medical needs.
Actelion is a leader in the field of pulmonary arterial hypertension (PAH). Our portfolio of PAH treatments covers the spectrum of disease, from WHO Functional Class (FC) II through to FC IV, with oral, inhaled and intravenous medications. Although not available in all countries, Actelion has treatments approved by health authorities for a number of specialist diseases including Type 1 Gaucher disease, Niemann-Pick type C disease, Digital Ulcers in patients suffering from systemic sclerosis, and mycosis fungoides in patients with cutaneous T-cell lymphoma.
Founded in late 1997, with now over 2,400 dedicated professionals covering all key markets around the world including the US, Japan, China, Russia and Mexico, Actelion has its corporate headquarters in Allschwil / Basel, Switzerland. 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(R)). All trademarks are legally protected.
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.
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Source: Actelion Pharmaceuticals Ltd via Globenewswire
Press Release PDF - http://hugin.info/131801/R/1768503/601171.pdf