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:6/25/2016)... FL (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton Memorial ... Plant City Observer , brings up a new, often overlooked aspect of head lice: the ... closing for fumigation is not a common occurrence, but a necessary one in the event ...
(Date:6/25/2016)... ... 25, 2016 , ... On Friday, June 10, Van Mitchell, Secretary of the ... to iHire in recognition of their exemplary accomplishments in worksite health promotion. , The ... Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. iHire was one ...
(Date:6/24/2016)... ... ... was in a crisis. Her son James, eight, was out of control. Prone to extreme ... “When something upset him, he couldn’t control his emotions,” remembers Marcy. “If there was ... other children and say he was going to kill them. If we were driving ...
(Date:6/24/2016)... ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain Relief ... a minimum wage raise to $12 an hour by 2020 and then adjusting it yearly ... lost value of the minimum wage, assure the wage floor does not erode again, and ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... the Frederick area economy by obtaining investment capital for emerging technology companies. ... years that have already resulted in more than a million dollars of capital ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... One of Australia,s successful biotechnology ... a new biotechnology company, Noxopharm Limited [ABN 50 608 966 123] ... to list on the ASX. Noxopharm is a clinic-ready ... a Phase 1 clinical study later this year. ... the biggest problems facing cancer patients - the ability of cancers ...
(Date:6/26/2016)... , June 27, 2016 Jazz Pharmaceuticals plc ... period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, ... of Celator Pharmaceuticals, Inc. ("Celator"; Nasdaq: CPXX ... (Eastern Daylight Time). As previously announced on ... a definitive merger agreement under which Jazz Pharmaceuticals has ...
(Date:6/26/2016)... June 27, 2016  VMS Rehab Systems, Inc. ( ... take whatever measures required to build a strong and ... is currently listed on the OTC Markets-pink current trading ... and CEO, "We are seeing an anomaly in market ... not only by the Company, but shareholders and market ...
Breaking Medicine Technology: