Amphastar to Get $59.9 Million in Settlement With Momenta, Sandoz -- Update
June 19 2019 - 9:00AM
Dow Jones News
By Colin Kellaher
Amphastar Pharmaceuticals Inc. (AMPH) on Wednesday said it will
receive nearly $60 million from Momenta Pharmaceuticals Inc. (MNTA)
and a unit of Novartis AG (NVS) after the companies agreed to
settle their long-running litigation related to generic versions of
the blood-thinner Lovenox.
Amphastar, a Rancho Cucamonga, Calif., specialty pharmaceutical
company, said Novartis' Sandoz and Momenta will pay $59.9 million
by July 2 as part of the settlement, under which the companies will
dismiss all pending litigation.
Momenta and its partner Sandoz filed a patent-infringement suit
against Amphastar in 2011, seeking more than $900 million in
damages, after the U.S. Food and Drug Administration approved
Amphastar's generic version of Sanofi's (SNY) Lovenox. Amphastar
later countered with an antitrust suit against Momenta and
Sandoz.
Momenta, a Cambridge, Mass., biotechnology company, said it will
pay $21 million to Amphastar under the settlement. Momenta had
previously posted $36.1 million as collateral for a $100 million
security bond in connection with the patent litigation and had
classified the collateral as restricted cash on its consolidated
balance sheet.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 19, 2019 08:45 ET (12:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Amphastar Pharmaceuticals (NASDAQ:AMPH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amphastar Pharmaceuticals (NASDAQ:AMPH)
Historical Stock Chart
From Sep 2023 to Sep 2024