Printer Friendly

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 Products; Provides Additional Visibility to

Pipeline with Two Late Stage Products

Biovail Corporation International (ASE, TSE:BVF) today announced that it has entered into a settlement agreement with Elan Corp Plc. (NYSE:ELN) which resolves all claims and counterclaims made in a New Jersey 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 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 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
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 25, 1996
Words:347
Previous Article:Proginet Expands Product Line to Provide Complete Integration of Microsoft BackOffice and IBM Enterprise Platforms.
Next Article:INTERNATIONAL VERIFACT INC. ANNOUNCES SCOTIABANK FIRST TO ENDORSE IVI'S NEW WIRELESS POINT-OF-SALE CONTROLLER.
Topics:


Related Articles
Biovail licensee files summary judgement dismissal against Marion Merrell Dow in patent litigation.
BIOVAIL RE-ACQUIRES RIGHTS TO ITS ONCE-DAILY DILTIAZEM PRODUCT MARION MERRELL DOW PATENT LITIGATION TO BE WITHDRAWN.
BIOVAIL ACCEPTS US$7.5 MILLION HOECHST SETTLEMENT PROPOSAL - AGREES TO WITHDRAW COMPLAINT FILED AGAINST MARION MERRELL DOW AND OFFICERS.
BIOVAIL CORPORATION COMMENTS ON FEDERAL TRADE COMMISSION RULING.
Biovail Corp. reports record 1996 fourth quarter and year end financial results.
Biovail and Elan Sign Generic Adalat CC Agreement; Biovail to Accelerate Launch of Adalat CC'S 30mg Dosage.
Founder of Fuisz Technologies Ltd. Sues Biovail Corporation.
ANDRX Files Suit to Require Patent Delisting.
Court Dismisses Bayer's Patent Infringement Suit Against Biovail.
Andrx Issues Update on its Generic Tiazac ANDA.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters