LAVAL, Quebec, April 12, 2018 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) today announced
that the Arbitral Tribunal issued a decision (rendered on
April 9, 2018) relating to the
arbitration between Santarus Inc. and Valeant Pharmaceuticals
Ireland (collectively "Valeant"), and Cosmo Technologies Ltd. and
Cosmo Technologies III Ltd. (collectively, "Cosmo"), the licensor
of certain intellectual property rights in, and supplier of,
Valeant's UCERIS® extended release tablets. The arbitration focused
on Cosmo's allegations that Valeant had breached the License
Agreement and Manufacturing and Supply Agreement (collectively the
"Agreements") between the parties and Cosmo's claim that it had
validly terminated the Agreements. Valeant denied each of
Cosmo's allegations and claims. A hearing on liability issues was
conducted from October 5-8,
2017.
On April 12, 2018, the Tribunal
issued a ruling rejecting Cosmo's claims in their entirety;
accordingly, both the License Agreement and the Manufacturing and
Supply Agreement remain in effect. Additionally, the Arbitral
Tribunal ordered Cosmo to pay the entirety of Valeant's legal costs
(U.S. $3,063,960).
Valeant will continue to vigorously defend itself against these
and other claims and allegations.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX: VRX) is a global company whose mission is to
improve people's lives with our health care products. We develop,
manufacture and market a range of pharmaceutical, medical device
and over-the-counter products, primarily in the therapeutic areas
of eye health, gastroenterology and dermatology. We are delivering
on our commitments as we build an innovative company dedicated to
advancing global health.
Caution Regarding Forward-Looking Information and "Safe
Harbor" Statement
This news release may contain forward-looking statements,
including, but not limited to, the redemption of the Notes.
Forward-looking statements may generally be identified by the use
of the words "anticipates," "expects," "intends," "plans,"
"should," "could," "would," "may," "will," "believes," "estimates,"
"potential," "target," or "continue" and variations or similar
expressions. These statements are based upon the current
expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
risks and uncertainties discussed in our most recent annual and
quarterly reports and detailed from time to time in our other
filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which risks and uncertainties
are incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.
These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update any of these forward-looking
statements to reflect events or circumstances after the date of
this news release or to reflect actual outcomes, except as required
by law.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@valeant.com
|
lainie.keller@valeant.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Valeant Pharmaceuticals International, Inc.