PITTSBURGH, March 27, 2014 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today announced that, after a trial in the United States District Court for the District of New Jersey, a jury returned a verdict in favor of Mylan in its breach of contract lawsuit against GlaxoSmithKline (GSK) relating to Paroxetine Hydrochloride Extended-release (ER) Tablets. The jury decided that GSK owes Mylan $106.7 million in damages.
Mylan's claims were based on 2007 agreements with GSK relating to Mylan's Abbreviated New Drug Application (ANDA) for Paroxetine Hydrochloride ER Tablets. Pursuant to those agreements, Mylan obtained certain intellectual property rights from GSK. Mylan then launched its generic Paroxetine Hydrochloride ER Tablets in May 2008 and, to date, is the only company to have received FDA approval of an ANDA for this product.
Mylan is pleased with the jury verdict and intends to seek additional relief to further protect its rights.
This press release includes statements that constitute "forward-looking statements," including with regard to litigation and sales of products. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: strategies by competitors or other third parties to delay or prevent product introductions; risks inherent in legal and regulatory processes; and the other risks detailed in the company's periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of approximately 1,300 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately 40% of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 140 countries and territories. Our workforce of more than 20,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com
SOURCE Mylan Inc.