Navigation Links
Par Pharmaceutical Announces Outcome of the Litigation With Pentech Pharmaceuticals
Date:2/10/2009

WOODCLIFF LAKE, N.J., Feb. 10 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that on February 9, 2009, following a bench trial, the district court entered a judgment in favor of Pentech Pharmaceuticals, Inc. and against Par in the amount of $69,955,476. As a result of the court's decision, Par will accrue additional reserves of approximately $28 million on an after-tax basis in the fourth quarter of 2008.

As previously disclosed, on May 3, 2004, Pentech filed an action against the Company in the United States District Court for the Northern District of Illinois. This action alleged that Par breached its contract with Pentech relating to the supply and marketing of paroxetine (Paxil(R)).

Par and its counsel received the court's decision yesterday afternoon and are considering the Company's options for appeal.

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.

Safe Harbor Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2007, in Item 1A of the Company's subsequent Quarterly Reports on Form 10-Q, in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.


'/>"/>
SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mpex Pharmaceuticals Announces Series D Financing of Up to $40 Million
2. HealthLeaders-InterStudy Offers District Survival Kit to Arm Pharmaceutical Sales Teams With Local-Level Managed Care Market Intelligence
3. Compass Pharma Services Offers Microfill Capabilities to Contract Pharmaceutical Packaging Customers
4. Prism Pharmaceuticals Study of Injectable Clopidogrel Accepted for Presentation at the American College of Cardiology
5. Best Practice Database adds Research Highlighting the Value of Internal Consulting and Early-Stage Commercialization Groups in the Pharmaceutical Industry
6. KV Pharmaceutical Company Reduces Workforce
7. Genesis Pharmaceuticals Successfully Defends Itself in a Multi-Million Dollar Arbitration, Two Other Arbitration Proceedings Against Genesis are Withdrawn
8. Consumer Advocates Call on Legislature to Support Governors Ban on Pharmaceutical Gifts to Doctors
9. Pharmaceuticals sold in Sweden cause serious environmental harm in India
10. Lotus Pharmaceuticals, Inc. Purchases Land Use Rights to Grow its Business and Reduce Costs
11. Shengtai Pharmaceutical, Inc. Comments on Chinas Recently Approved Health Care Reform Plan
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... ... February 10, 2016 , ... A ... Ohio Safety Congress and Expo event March 9-11, 2016. Hosted by Ohio's Bureau ... Center. , As the longest running and largest worker's compensation event in ...
(Date:2/10/2016)... MD (PRWEB) , ... February 10, 2016 , ... ... to make Everseat digital self-scheduling readily available to physicians. The integration ... patients can find and select appointments via Everseat’s free mobile app. , The ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... Jacksonville, FL 32224, February 26th: Amateur & Professional Divisions - Time: 7:00pm ... 7:00pm – 10:00pm | Ticket Prices $30, Social Media: http://www.USPoleSportsFed.org , ...
(Date:2/10/2016)... ... 10, 2016 , ... Workrite Ergonomics, who is celebrating their 25th year of ... to being an internationally recognized leader in their industry. , "We are very proud ... President of Workrite. “Workrite recognized the importance of good ergonomics before most of ...
(Date:2/10/2016)... ... February 10, 2016 , ... Anxiety of older Americans over ... of Medicare Part D a decade ago, according to The Senior Citizens League ... on how they are coping with rapidly rising costs. “The implications are chilling, ...
Breaking Medicine News(10 mins):
(Date:2/9/2016)... Feb. 9, 2016   AllCare Plus Pharmacy ... Gold Seal of Approval ® for Home ... performance standards. The Gold Seal of Approval ® ... commitment to providing safe and effective care.  ... Pharmacy underwent a rigorous on-site survey in January 2016. ...
(Date:2/9/2016)... , Feb. 9, 2016 Hearing protection devices ... sound energy transmitted to the inner ear. Hearing protection ... bands. These devices are recommended for users exposed to ... Earplugs refer to HPD that are inserted in the ... are designed to provide more natural sound perception with ...
(Date:2/9/2016)... LONDON , Feb. 9, 2016 The new report "Global Blood ... Spearhead Acuity Business Research & Consulting group reveals that global market ... 17,770.3 million in 2014 and expected to grow to US$ 24,830.1 ... 2019. North America , Europe ... , Middle-East and Africa ...
Breaking Medicine Technology: