Par Pharmaceutical Enters Into Agreement With sanofi-aventis to Settle Patent Litigation Over Generic Eloxatin(R)
WOODCLIFF LAKE, N.J., April 5 Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that it (and its subsidiary Par Pharmaceutical and development partner MN Pharmaceuticals of Turkey) has entered into a settlement agreement with sanofi-aventis (sanofi) that resolves patent litigation related to its generic version of sanofi's and Debiopharm's Eloxatin(®) (oxaliplatin injection) product, a drug used to treat colorectal cancer, in the U.S. District Court for the District of New Jersey.
Under the terms of the settlement, Par would begin selling its generic version of Eloxatin(®) in August 2012, or earlier under certain circumstances. Eloxatin(®) had combined U.S. sales of approximately $993 million for the twelve months ended December 31, 2009, according to IMS Health.
The settlement agreements are subject to review by the Federal Trade Commission, the U.S. Department of Justice, and the Attorney General for the State of Michigan.
Par Pharmaceutical Companies, Inc. is a US-based specialty pharmaceutical company. Through its wholly owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets higher-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press releases and other company information, visit www.parpharm.com.
Safe Harbor Statement
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's Annual Report on Form 10-K in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.
SOURCE Par Pharmaceutical Companies, Inc.
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