Assertio Therapeutics and Purdue Pharma Settle Patent Infringement Lawsuit
August 28 2018 - 4:36PM
Assertio Therapeutics, Inc. (NASDAQ: ASRT) today announced that the
Company has entered into a settlement agreement with Purdue Pharma
L.P. with regard to the Company’s patent infringement lawsuit
against Purdue in the U.S. District Court for the District of New
Jersey, in which the Company alleged infringement by Purdue of
certain of the Company’s patents in relation to Purdue’s
commercialization of Oxycontin® (oxycodone hydrochloride-controlled
release).
Under the terms of the agreement, Purdue will pay Assertio a
total of $62 million in cash, with $30 million in cash paid on
August 28, 2018 and an additional $32 million to be paid on
February 1, 2019. The agreement resolves all pending claims between
the two parties.
“We are extremely pleased to settle this litigation with Purdue
in a manner that is favorable to the Company and to our
shareholders,” said Arthur Higgins, President and CEO of Assertio.
“This infusion of cash, coupled with the $20 million we recently
received from our royalty sale to PDL BioPharma, further
strengthens our balance sheet and improves our financial
flexibility as we continue to transform the Company.”
About Assertio Therapeutics, Inc.Assertio
Therapeutics is committed to providing responsible solutions to
advance patient care in the Company’s core areas of neurology,
orphan and specialty medicines. Assertio currently markets three
FDA-approved products and continues to identify, license and
develop new products that offer enhanced options for patients that
may be underserved by existing therapies. To learn more about
Assertio, visit www.assertiotx.com.
INVESTOR AND MEDIA CONTACT:John B. Thomas SVP,
Investor Relations and Corporate Communications
jthomas@assertiotx.com
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