Actelion Statement on Letter by one of its Shareholders
Actelion (SIX: ATLN) announced that it has taken note of a letter in which one of its major shareholders criticizes the handling of - among others - disclosure and other reporting requirements in relation to ongoing litigation in the United States. Respectfully, the company believes that hese criticisms have no factual basis.
- (1888PressRelease) May 03, 2011 - This letter was issued ahead of the final jury deliberations in the ongoing litigation in the United States (Asahi Kasei Pharma Corp. v. Actelion Ltd., case number CIV 478533, Superior Court of the State of California, County of San Mateo). On Friday, the jury awarded Asahi up to USD 547 million. On Tuesday, the jury will continue deliberations regarding potential punitive awards.
The company is disappointed, but respectful of the jury`s verdict in this ongoing litigation. Once the jury has concluded their deliberations, Actelion will decide on potential further steps, including (but not limited to) an appeal.
Also after jury deliberations have concluded, Actelion will be in a position to address the criticisms made in the letter.
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 Ltd.
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).
Contact:
Roland Haefeli
Vice President, Head of Investor Relations & Public Affairs
Actelion Pharmaceuticals Ltd, Gewerbestrasse 16, CH-4123 Allschwil
+41 61 565 62 62
+1 650 624 69 36
The above information contains certain “forward-looking statements”, relating to the company’s business, which can be identified by the use of forward-looking terminology such as “estimates”, “believes”, “expects”, “may”, “are expected to”, “will”, “will continue”, “should”, “would be”, “seeks”, “pending” or “anticipates” or
similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company’s investment and research and development programs and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company’s existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.
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