COLLEGEVILLE, Pa., Jan. 21 WyethPharmaceuticals, a division of Wyeth (NYSE: WYE), announced today that it hasagreed with Teva Pharmaceuticals USA, Inc. to extend the standstill periodpreviously announced on December 24, 2007 for 10 days while the partiescontinue to explore whether a settlement of their patent litigation ispossible. The extension will expire on January 31, 2008.
Following Teva's launch on December 21, 2007 of a pantoprazole tablet, ageneric version of Wyeth's PROTONIX(R), Wyeth and Teva agreed to a standstillperiod, which would have expired on January 22, 2008. During this period,Teva agreed not to sell or ship additional generic pantoprazole product inorder to allow the parties an opportunity to explore whether settlement waspossible. The standstill would terminate in the event that Wyeth initiatessale of a generic version of PROTONIX.
While the extension of the standstill agreement allows both parties tocontinue these discussions, it in no way guarantees that a settlement will bereached. The situation is complex, and there are a number of significantobstacles to a potential settlement.
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in theareas of women's health care, infectious disease, gastrointestinal health,central nervous system, inflammation, transplantation, hemophilia, oncology,vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical andhealth care products companies. It is a leader in the discovery, development,manufacturing and marketing of pharmaceuticals, vaccines, biotechnologyproducts and non-prescription medicines that improve the quality of life forpeople worldwide. The Company's major divisions include WyethPharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts areforward-looking statements based on current expectations of future events andare subject to risks and uncertainties that could cause actual results todiffer materially from those expressed or implied by such statements. Inparticular, we note that the impact of generic pantoprazole tablets on salesof PROTONIX cannot be predicted with certainty and will depend upon market andcompetitive conditions, the outcome of future proceedings in this litigationand/or settlement discussions, and other factors, many of which are beyond ourcontrol. We and our partner Nycomed may not be able to uphold the validity ofthe PROTONIX patent, recover our lost profits and other damages resulting frominfringing sales and/or obtain a permanent injunction against further sales ofgeneric pantoprazole. Other risks and uncertainties include the inherentuncertainty of the timing and success of, and expense associated with,research, development, regulatory approval and commercialization of ourproducts, including with respect to our pipeline products; government cost-containment initiatives; restrictions on third-party payments for ourproducts; substantial competition in our industry, including from branded andgeneric products; data generated on our products; the importance of strongperformance from our principal products and our anticipated new productintroductions; the highly regulated nature of our business; product liability,intellectual property and other litigation risks and environmentalliabilities; uncertainty regarding our intellectual property rights and thoseof others; difficulties associated with, and regulatory compliance withrespect to, manufacturing of our products; risks associated with our strategicrelationships; economic conditions including interest and currency exchangerate fluctuations; changes in generally accepted accounting principles; tradebuying patterns; the impact of legislation and regulatory compliance; risksand uncertainties associated with global