Astellas and Pfizer Reached Settlement on Declaratory Judgment Action Relating to Lipitor Agreement.Tokyo, Japan, Jan 26, 2007 - (JCN Newswire) - Pfizer Japan Inc. and Astellas Pharma Inc. announced that a settlement has been reached today by Pfizer, Pfizer's affiliate, and Astellas, which are the parties to a Development and Marketing Agreement for a hypercholesterolemia drug "Lipitor Lip·i·tor (l  p  -tôr(R)" manufactured and
distributed by Astellas and promoted jointly by Pfizer and Astellas in
Japan (the "DMA") on a declaratory judgment declaratory judgment n. a judgment of a court which determines the rights of parties without ordering anything be done or awarding damages. While this borders on the prohibited "advisory opinion," it is allowed to nip controversies in the bud. Examples: a party to a contract may seek the legal interpretation of a contract to determine the parties' rights, or a corporation may ask a court to decide whether a new tax is truly applicable to that business action filed by
Astellas to confirm that the term of DMA shall continue until July 8,
2016.The action was filed by Astellas on November 7, 2006 at the Tokyo District Court. The settlement agreement contains the following conditions: - The DMA is amended to the effect that the term of DMA will expire on July 8, 2016. - All other terms and conditions of the DMA will remain unchanged. - Astellas will withdraw the declaratory judgment action. The settlement involves no payment from either party to the other. Pfizer and Astellas are pleased with the prompt resolution of this issue, and are committed to the marketing and promotion of Lipitor in Japan with a renewed focus. About Astellas Pharma Inc. Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical company dedicated to improving the health of people around the world through the provision of innovative and reliable pharmaceutical products. In April 2005, the company was formed through the merger of Fujisawa Pharmaceutical Co., Ltd. and Yamanouchi Pharmaceutical Co., Ltd. The organization is committed to becoming a global mega pharmaceutical company by combining outstanding R&D and marketing capabilities and continuing to grow in the world pharmaceutical market. For more information on Astellas Pharma Inc., please visit the company's website at www.astellas.com. Source: Astellas Pharma Inc. Contact: Astellas Pharma Inc. Corporate Communications Tel: +81-3-3244-3201 Fax: +81-3-5201-7473 http://www.astellas.com Pfizer Japan Inc. Corporate Communications Tel: +81-3-5309-7201 Fax: +81-3-5309-9004 http://www.pfizer.co.jp Copyright [c] 2007 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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