ALLSCHWIL/BASEL, SWITZERLAND - 04 May 2011 - Actelion (SIX: ATLN) today commented on the verdict issued in regard to Asahi Kasei Pharma Corp. v. Actelion Ltd. et al. (case number CIV 478533, Superior Court of the State of California, County of San Mateo) (the "matter") in which the jury awarded Asahi Kasei Pharma ("Asahi") up to USD 547 million in compensatory damages. In addition, the jury awarded punitive damages of USD 30 million against certain individual officers of the company.
Actelion has filed a motion for a required election of remedies and an off-set. This motion could result in a substantial reduction in compensatory damages.
Specifically, the motion is asking for an election between damages of USD 358.95 million for alleged lost profits or USD 187.4 million in alleged development costs.
In addition, from either amount the motion is asking for the deduction (off-set) of USD 78.4 million from a previous payment related to arbitration proceedings in 2009.
Actelion is disappointed with the jury decision. The company believes that the ruling is neither supported by the facts nor is it correct as a matter of law. The company will file appropriate further post-trial motions and will appeal the entire judgment.
Notes to the Editor
About the complaint
On November 19, 2008, plaintiff Asahi Kasei Pharma Corporation ("Asahi") filed a complaint at the State Court in California, US, against Actelion Ltd and its subsidiaries Actelion Pharmaceuticals US Inc., Actelion Pharmaceuticals Ltd, Actelion US Holding Company, CoTherix, Inc. ("CoTherix") and three individual officers. The action arises from a dispute involving the license and development agreement between Asahi and CoTherix for the drug compound fasudil that has been terminated upon the acquisition of CoTherix in 2007.
Actelion's Annual General Meeting of Shareholders approving the Business Report of the year ending 31 December 2010 will be held on 5 May 2011.
Actelion Ltd is a biopharmaceutical company with its corporate headquarters in Allschwil/Basel, Switzerland. Actelion's first drug Tracleer®, an orally available dual endothelin receptor antagonist, has been approved as a therapy for pulmonary arterial hypertension. Actelion markets Tracleer® through its own subsidiaries in key markets worldwide, including the United States (based in South San Francisco), the European Union, Japan, Canada, Australia and Switzerland. Actelion, founded in late 1997, is a leading player in innovative science related to the endothelium - the single layer of cells separating every blood vessel from the blood stream. Actelion's over 2,400 employees focus on the discovery, development and marketing of innovative drugs for significant unmet medical needs. Actelion shares are traded on the SIX Swiss Exchange (ticker symbol: ATLN) as part of the Swiss blue-chip index SMI (Swiss Market Index SMI®).
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