PuraCap Pharmaceutical Seeks Damages From InvaGen for Contract Violation
NEW YORK, Oct. 23, 2015 /PRNewswire/ -- PuraCap Pharmaceutical, LLC announced that it has instituted a civil lawsuit against InvaGen Pharmaceuticals, Inc. and Exelan Pharmaceuticals, Inc. (collectively, "InvaGen") in the United States District Court for the Southern District of New York, at Civil No. 15-cv-8222. In its Complaint, PuraCap Pharmaceutical alleges that InvaGen breached certain obligations to PuraCap Pharmaceutical by improperly negotiating with Cipla (EU) Limited to acquire the InvaGen business when InvaGen was legally prohibited from doing so. InvaGen publicly announced an agreement to sell its business to Cipla on September 4, 2015. PuraCap seeks damages resulting from InvaGen's violations.
About PuraCap Pharmaceutical LLC
PuraCap Pharmaceutical LLC is an emerging, fully integrated pharmaceutical company with expertise in product development, manufacturing, and bringing affordable, world-class quality products to their customers. The PuraCap corporate structure supports a two-pronged approach for global growth with dedicated companies in the areas of prescription brands (PuraCap Pharmaceutical) as well as prescription generics and OTC and private label brands. Go to www.puracap.com for more information.
All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which PuraCap Pharmaceutical LLC does business, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements.
Vice President and General Manager
Branded Rx Products
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SOURCE PuraCap Pharmaceutical, LLC