Printer Friendly

PHARMACEUTICAL RESOURCES ANNOUNCES SETTLEMENT OF LAWSUIT WITH MINNESOTA MINING & MANUFACTURING ("3M")

 SPRING VALLEY, N.Y., Jan. 6 /PRNewswire/ -- Pharmaceutical Resources, Inc. (NYSE: PRX) announced today that it reached a settlement agreement with Minnesota Mining & Manufacturing Company ("3M"), with respect to a lawsuit brought against Par Pharmaceutical, Inc., now a subsidiary of Pharmaceutical Resources, alleging wrongdoing by prior management during the period 1987-88 with respect to generic versions of orphenadrine. Under the settlement agreement, the Company agreed to pay 3M a total of $7,000,000 consisting of $5,000,000 in cash and $2,000,000 in the form of 119,500 shares of common stock of Pharmaceutical Resources.
 Pharmaceutical Resources plans to reflect the settlement in its financial statements for the fiscal year ended Oct. 2, 1993, by taking a charge against earnings in the amount of $7,000,000.
 Kenneth I. Sawyer, President and Chief Executive Officer of Pharmaceutical Resources, stated, "The settlement of this case has resulted in the resolution of all pending litigation against Pharmaceutical Resources with respect to its regulatory problems resulting from certain actions by prior management." Mr. Sawyer noted that Pharmaceutical Resources plans on seeking indemnification and other appropriate remedies against former members of management who were responsible for the improprieties.
 Pharmaceutical Resources, Inc. is a holding company with subsidiaries that develop, manufacture and market a broad line of generic drugs.
 -0- 1/6/94
 /CONTACT: June Filingeri or Lisa Carlton of Morgen-Walke Associates, 212-850-5600, for Pharmaceutical Resources/
 (PRX MMM)


CO: Pharmaceutical Resources, Inc.; Minnesota Mining & Manufacturing ST: New York, Minnesota IN: MTC SU:

TW-GK -- NY058 -- 6999 01/06/94 12:25 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 6, 1994
Words:259
Previous Article:SHOPPERS CHARGE ACCOUNTS CO. REPORTS 7.9% INCREASE IN HOLIDAY SALES FOR SPECIALTY RETAILERS IN ITS PRIVATE LABEL CREDIT CARD PROGRAM
Next Article:K MART ANNOUNCES RESTRUCTURING, REMAINS ON DUFF & PHELPS RATING WATCH - DOWN
Topics:

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