Biovail and Elan settle all patent litigation.TORONTO--(BUSINESS WIRE)--Nov. 25, 1996-- Agree to Cross Royalty Payments on Certain Current and Future Diltiazem and Verapamil verapamil /ve·rap·a·mil/ (ve-rap´ah-mil) a calcium channel blocker that dilates coronary arteries and decreases myocardial oxygen demand, used as the hydrochloride salt in the treatment of angina pectoris and of hypertension and the Products; Provides Additional Visibility to Pipeline with Two Late Stage Products Biovail Corporation International (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) today announced that it has entered into a settlement agreement with Elan Corp Plc. (NYSE NYSE See: New York Stock Exchange :ELN) which resolves all claims and counterclaims made in a New Jersey 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. with respect to patent infringement by Biovail of Elan's diltiazem patents. The settlement releases all claims that were asserted and which could have been asserted with regard to the patents at issue, including Biovail's licensed verapamil patent. Biovail and Elan have agreed to various cross royalty payments on certain current and future diltiazem and verapamil products. The specific terms and conditions of the settlement are confidential. With the threat of patent litigation behind it, Biovail intends to accelerate its program of bringing generic versions of existing controlled release products to market, including an imminent filing of an ANDA ANDA abbr. abbreviated new drug application for Cardizem CD as well as a generic version of a significant vascular product. Eugene Melnyk, chairman of the board, commented, "The execution of the settlement agreement are welcomed developments for Biovail. Resolving this litigation with Elan, with respect to diltiazem products, will allow us to proceed unencumbered from any further patent holders." Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor" statement under 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: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the telecommunications regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. CONTACT: Biovail Corporation International Eugene Melnyk/Bob Podruzny, (416) 285-6000 or Morgen-Walke Associates Investor Relations: Donna Stein/Dan Durkin/Cindy Hintelmann Press: Michael McMullan (212) 850-5600 |
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