Mylan to Receive $22.5 Million Related to Litigation Settlements.Business Editors PITTSBURGH, Pa.--(BUSINESS WIRE)--April 11, 2003 Mylan Laboratories Inc. (NYSE NYSE See: New York Stock Exchange :MYL MYL Mind Your Language MYL Made You Laugh MYL Miss You Lots MYL Meet You Later MYL Miss You Loads ) announced today that it has agreed to a tentative settlement under which it will receive $12.5 million from Aventis Pharmaceuticals, Inc. The Company also announced that it will receive an additional $10 million from its co-defendants in the lorazepam lorazepam /lor·a·ze·pam/ (lor-az´e-pam) a benzodiazepine used as an antianxiety agent, sedative-hypnotic, preanesthetic medication, and anticonvulsant. lor·az·e·pam n. and clorazepate 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. . Mylan will receive the $12.5 million payment from Aventis in return for its agreement to settle claims related to contracts for the marketing and manufacturing of Zagam(R). In addition, Aventis has agreed to the dismissal of its counterclaims against Mylan and the termination of the two agreements in question. Mylan previously announced the settlement in principle of the direct purchaser lorazepam and clorazepate anti-trust litigation for $35 million. Mylan's co-defendants agreed to an initial contribution of approximately $7 million, toward the $35 million settlement. Their contribution has now increased by an additional $10 million which reduces Mylan's share of the total settlement to approximately $18 million. Mylan will receive the $10 million in five annual payments of $2 million each. Robert J. Coury, Vice Chairman 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. stated, "Once again we are very pleased that we have tentatively resolved another legal dispute and we are equally pleased that we have been able to reduce our share of the anti-trust settlement by another $10 million." Mylan Laboratories Inc. is a leading pharmaceutical company that develops, manufactures and markets generic and proprietary prescription pharmaceutical products. The Company markets an extensive line of generic products through its three business units, Mylan Pharmaceuticals Inc., Mylan Technologies Inc., and UDL UDL Universal Design for Learning UDL Universitat de Lleida (Spain) UDL Universal Data Link UDL Urban Debate League UDL Uniformly Distributed Load (mechanics, building trade) UDL User Defined Logic Laboratories, Inc., as well as branded products through its Bertek Pharmaceuticals Inc. subsidiary. For more information, visit www.mylan.com . This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning 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. Because such statements are subject to risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. We refer you to the risk factors and other disclosures contained in our periodic SEC filings. We undertake no duty to update our forward-looking statements, even though our situation may change in the future. |
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