Allergan Enters Into Settlement in Principle With Pharmacia and Columbia University Regarding All Lumigan Intellectual Property Disputes.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--Oct. 24, 2002 Allergan, Inc. (NYSE NYSE See: New York Stock Exchange :AGN AGN Again (Amateur Radio) AGN Active Galactic Nucleus AGN Acute Glomerulonephritis AGN Accountants Global Network AGN Air Gabon (ICAO code) ) today announced that it has reached a global settlement in principle with Pharmacia Corporation (NYSE:PHA PHA abbr. phytohemagglutinin PHA phytohemagglutinin, a plant lectin. ) and Columbia University resolving all intellectual property disputes regarding Lumigan(R) (bimatoprost ophthalmic solution ophthalmic solution n. A sterile solution that is free from foreign particles and is compounded and dispensed for eyedrops. , 0.03%) covering two separate patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. lawsuits in the U.S. and a number of lawsuits and patent oppositions in Europe. This agreement avoids additional legal expenses and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risk and ensures Allergan the rights to sell Lumigan(R) throughout the world. Allergan will record a reserve of $118.7 million in the third quarter of 2002 related to this agreement. While Allergan, pursuant to the agreement, will pay royalties on the sale of Lumigan(R) for a specified time based on the future sales of Lumigan(R), the resolution will not have a material impact on the Company's margins and financial results in the fourth quarter of 2002 nor the Company's guidance for 2003. "While we have always felt strongly about our legal position in the litigation with Pharmacia, we also recognized that absent an amicable resolution, we could expect additional legal expenses, litigation risk and diversion of management focus for the foreseeable future. We are pleased to have reached a resolution that will enable us to focus our efforts and resources on expanding our eye care franchise worldwide," said David E.I. Pyott, Chairman of the Board, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allergan. It is anticipated that final agreements documenting the settlement will be signed in the next few days. Lumigan(R) was approved in the U.S. in 2001 and in Europe in 2002. It is indicated for the reduction of elevated intraocular pressure intraocular pressure n. The pressure of the intraocular fluid within the eye. intraocular pressure (in´tr (IOP IOP intraocular pressure. IOP Intraocular pressure, see there ) in patients with open-angle glaucoma o·pen-an·gle glaucoma n. Primary glaucoma in which the aqueous humor has free access to the trabecular reticulum. Also called simple glaucoma. or ocular hypertension who are intolerant of other IOP-lowering medications or insufficiently responsive (failed to achieve target IOP determined after multiple measurements over time) to another IOP-lowering medication. Forward-Looking Statements Statements in the press release that refer to Allergan's estimated or anticipated future results are forward-looking. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. In addition, until definitive agreements are signed regarding intellectual property disputes with Pharmacia and Columbia University, there can be no guarantee that an actual settlement will be reached. Furthermore, risks and uncertainties include general industry and pharmaceutical market conditions; general domestic and international economic conditions; technological advances and patents attained by competitors; challenges inherent in new product marketing such as the unpredictability of market acceptance for a new pharmaceutical product or approved indication approved indication, n 1. reliable signs that a certain remedy should be used. Not synonymous with “authorized.” 2. FDA-approved condition for a drug or other treatment that allows labeling. ; potential difficulties in manufacturing a new product formulation; domestic and foreign health care reforms; and trends toward managed care and health care cost containment, and governmental laws and regulations affecting domestic and foreign operations. Additional information concerning these and other risk factors can be found in press releases issued by Allergan as well as Allergan's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Certain Factors and Trends Affecting Business" in Allergan's 2001 Form 10-K for the year ended December 31, 2001 and Allergan's Form 10-Q for the quarter ended June 28, 2002. Copies of Allergan press releases, the full prescribing information for the products mentioned and additional information about Allergan are available on the World Wide Web at www.allergan.com, or you can contact the Allergan Investor Relations Department by calling 714-246-4636. About Allergan, Inc. Allergan, Inc., with headquarters in Irvine, California, is a technology-driven, global health care company providing eye care and specialty pharmaceutical products worldwide. Allergan develops and commercializes products in the eye care, neuromodulator and skin care markets that deliver value to our customers, satisfy unmet medical needs, and improve patients' lives. |
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