BTG PLC Update on Legal Ruling (5810V)
November 06 2017 - 2:00AM
UK Regulatory
TIDMBTG
RNS Number : 5810V
BTG PLC
06 November 2017
BTG plc: update on legal ruling
London, UK, 6 November 2017: BTG plc (LSE: BTG), the global
specialist healthcare company, announces that the Court of Chancery
of Delaware has issued its final order and judgement in relation to
the litigation between BTG and Wellstat Therapeutics Corporation.
This confirms the court's ruling, announced by BTG on 20 September
2017, that BTG has breached the distribution agreement relating to
the commercialisation of Vistogard(R) .
As a result the distribution agreement has been terminated and
BTG anticipates returning all rights to Vistogard(R) to Wellstat as
soon as practicable. The court has also confirmed its ruling that
Wellstat is entitled to damages of $55.8m plus interest and costs.
BTG continues to consider appeal options. Pending the outcome of
any appeal, BTG will recognise a provision of GBP53.5m in its
results for the six months to 30 September 2017 to cover the
damages and estimated interest plus costs at that date.
For further information contact
BTG
Andy Burrows, VP Corporate & Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530 605
Stuart Hunt, Investor Relations Manager
+44 (0)20 7575 1582; Mobile: +44 (0)7815 778 536
Chris Sampson, Corporate Communications Director
+44 (0)20 7575 1595; Mobile: +44 (0)7773 251 178
FTI Consulting
Ben Atwell/Simon Conway
+44 (0)20 3727 1000
About BTG
BTG is a global specialist healthcare company bringing to market
innovative products in specialist areas of medicine to better serve
doctors and their patients. We have a portfolio of Interventional
Medicine products to advance the treatment of cancer, severe
emphysema, severe blood clots and varicose veins, and Specialty
Pharmaceuticals that help patients overexposed to certain
medications or toxins. Inspired by patient and physician needs, BTG
is investing to expand its portfolio to address some of today's
most complex healthcare challenges. To learn more about BTG, please
visit: btgplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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