Andrx and Biovail Execute Settlement Agreement.Business Editors/Health & Medical Writers Andrx Corporation (Nasdaq:ADRX ADRX Andrx Corporation (stock symbol) ) and Biovail Corporation (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BVF), today announced that they have executed a binding Settlement Agreement, resolving with prejudice all pending 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. and disputes between the two companies relating to Biovail's Cardizem(R) CD and Tiazac(R) and Andrx's generic versions of these products, Cartia XT(TM) and Taztia(TM) XT, respectively. As part of that settlement, Biovail agreed, among other things, to provide Andrx with the right to manufacture and market its Taztia XT product free of any and all claims of 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. that Biovail now has or hereafter acquires. This excludes the patent owned by Dov Pharmaceuticals, Inc., to the extent Biovail divests itself of its rights to that patent. Finally, since the parties are intent on avoiding future litigation, the agreement contains a dispute settlement mechanism to resolve any future issues that may arise between them. About Andrx Corporation Andrx Corporation is a specialty pharmaceutical company engaged in the formulation and commercialization of oral controlled-release generic and brand pharmaceuticals utilizing its proprietary drug delivery technologies. About Biovail Corporation Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies. Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or other variations thereof or comparable terminology is intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Andrx and Biovail's filings with the Securities and Exchange Commission. This release and additional information about the companies are available on the Internet at http://www.andrx.com and at http://www.biovail.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion