IVAX Obtains Favorable Court Decision in Taxol Litigation With Bristol-Myers; Federal Court Invalidates Substantial Portions of Bristol-Myers Taxol Related Patents.Business Editors/Health & Medical Writers MIAMI--(BUSINESS WIRE)--March 1, 2000 IVAX Corporation IVAX Corporation was a United States public corporation focused on manufacturing and distributing generic pharmaceutical products. Ivax was acquired by the Israeli company Teva Pharmaceutical Industries in January 2006. External links
See: American Stock Exchange :IVX) announced today that the federal judge presiding over the pending Taxol(R) (paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); ) related patent 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. between IVAX IVAX Industrial Vax (Dec Computer) and Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were has issued a ruling invalidating key provisions of the patents being asserted by Bristol-Myers Squibb. Specifically, the judge granted a summary judgment of invalidity on all claims of the patents asserted by Bristol-Myers Squibb, with the exception of a few specific claims directed solely to the use of Taxol(R) to treat ovarian cancer ovarian cancer Malignant tumour of the ovaries. Risk factors include early age of first menstruation (before age 12), late onset of menopause (after age 52), absence of pregnancy, presence of specific genetic mutations, use of fertility drugs, and personal history of breast . "We have maintained all along that Bristol's patents were invalid and could not be legitimately asserted to block us from competing against Bristol in the paclitaxel market" commented IVAX President Neil Flanzraich. "The judge's ruling today not only invalidates a substantial majority of the patent claims asserted by Bristol-Myers Squibb, but has framed the issues for trial on the remaining ovarian-related patent claims in a way that gives us even greater confidence going forward." Trial on the remaining claims is set for the first week of May, 2000. IVAX Corporation, headquartered in Miami, Florida, is a holding company with subsidiaries engaged in the research, development, manufacture, and marketing of branded and generic pharmaceuticals and veterinary and diagnostic products in the U.S. and international markets. Except for the historical matters contained herein, statements in this press release are forward-looking and 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 Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects, and cause results to differ materially from those set forth in the forward-looking statements. These risks include, among other things, the risks that IVAX and its subsidiaries may not prevail on the issues remaining in the litigation, that Bristol-Myers may successfully appeal the judge's ruling, that Bristol-Myers may attempt to assert in the future other Taxol7-related patents against IVAX that are not part of the current litigation, as well as the general risks and uncertainly inherent generally in litigation. In addition to these factors, the economic, competitive, governmental, technological and other factors identified in IVAX's filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this release. Taxol(R) is a registered trademark of the Bristol Myers-Squibb Company. |
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