- Settlement Possible; Significant Obstacles Remain -
COLLEGEVILLE, Pa., Jan. 21 /PRNewswire-FirstCall/ -- Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE), announced today that it has agreed with Teva Pharmaceuticals USA, Inc. to extend the standstill period previously announced on December 24, 2007 for 10 days while the parties continue to explore whether a settlement of their patent litigation is possible. The extension will expire on January 31, 2008.
Following Teva's launch on December 21, 2007 of a pantoprazole tablet, a generic version of Wyeth's PROTONIX(R), Wyeth and Teva agreed to a standstill period, which would have expired on January 22, 2008. During this period, Teva agreed not to sell or ship additional generic pantoprazole product in order to allow the parties an opportunity to explore whether settlement was possible. The standstill would terminate in the event that Wyeth initiates sale of a generic version of PROTONIX.
While the extension of the standstill agreement allows both parties to continue these discussions, it in no way guarantees that a settlement will be reached. The situation is complex, and there are a number of significant obstacles to a potential settlement.
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, we note that the impact of generic pantoprazole tablets on sales of PROTONIX cannot be predicted with certainty and will depend upon market and competitive conditions, the outcome of future proceedings in this litigation and/or settlement discussions, and other factors, many of which are beyond our control. We and our partner Nycomed may not be able to uphold the validity of the PROTONIX patent, recover our lost profits and other damages resulting from infringing sales and/or obtain a permanent injunction against further sales of generic pantoprazole. Other risks and uncertainties include the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products, including with respect to our pipeline products; government cost- containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; data generated on our products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors." The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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