PARSIPPANY, N.J., June 17, 2013 /PRNewswire/ -- Actavis, Inc. (NYSE: ACT) today announced that the United States Supreme Court has reversed the decision of the U.S. Court of Appeals for the Eleventh Circuit, which had affirmed the District Court's ruling granting Actavis' motion to dismiss the Federal Trade Commission's lawsuit, FTC v. Actavis, Inc. The Supreme Court's reversal was the result of a decision by a 5 to 3 vote. The Court rejected the FTC's proposed "quick look" approach and adopted the traditional "rule of reason" as the standard. Justice Alito did not take part in the decision. The case was remanded for further proceedings consistent with the opinion, and Actavis intends to defend its position.
"We are pleased that the Court rejected the FTC's proposed 'quick look' test, and did not rule that settlement agreements are presumptively unlawful. Rather, the Court has established that the 'rule of reason' be applied, and left it to the lower courts to determine if the benefits of the settlement outweigh harm to consumers. We believe this decision continues to provide for a lawful and legitimate pathway for resolving patent challenge litigation in a manner that is pro-competitive and beneficial to American consumers. The Court's ruling however, does place an additional and unnecessary administrative burden on our industry," said Paul Bisaro, President and CEO of Actavis. "Patent settlements have saved and continue to save consumers billions of dollars, and ensure more-timely introduction of generic competition. We plan to continue to defend the propriety of such settlements against any further legislative or judicial challenges."
Actavis, Inc. (NYSE: ACT) is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis has global headquarters in Parsippany, New Jersey, USA.
Operating as Actavis Pharma, Actavis develops, manufactures and markets generic, branded generic, legacy brands and Over-the-Counter (OTC) products in more than 60 countries.
Actavis Specialty Brands is Actavis' global branded specialty pharmaceutical business focused in the Urology and Women's Health therapeutic categories. Actavis Specialty Brands also has a portfolio of five biosimilar products in development in Women's Health and Oncology. Actavis Global Operations has more than 30 manufacturing and distribution facilities around the world, and includes Anda, Inc., a U.S. pharmaceutical product distributor.
Statements contained in this press release that refer to non-historical facts are forward-looking statements that reflect Actavis' current perspective of existing information as of the date of this release. It is important to note that Actavis' goals and expectations are not predictions of actual performance. Actual results may differ materially from Actavis' current expectations depending upon a number of factors affecting Actavis' business. These factors include, among others, the difficulty of predicting the timing or outcome of litigation, including potential private party or state litigation concerning the Androgel® settlement, and risks that an adverse outcome in such litigation could render Actavis liable for substantial damages; the difficulty of predicting the timing or outcome of product development efforts and FDA approvals or actions, if any; the impact of competitive products and pricing; the timing and success of product launches; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Actavis and its third party manufacturers' facilities, products and/or businesses; and such other risks and uncertainties detailed in Actavis' periodic public filings with the Securities and Exchange Commission, including but not limited to Actavis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and Actavis' annual report on Form 10-K for the year ended December 31,2012. Except as expressly required by law, Actavis disclaims any intent or obligation to update these forward-looking statements.
Androgel® is a registered trademark of Unimed Pharmaceuticals, LLC.