May 04, 2011 | by Actelion Pharmaceuticals Ltd
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May 04, 2011, Actelion (SIX: ATLN) today commented on the verdict issued in regard to Asahi Kasei Pharma Corp. v. Actelion Ltd. et al. (case number CIV 478533, Superior Court of the State of California, County of San Mateo) (the "matter") in which the jury awarded Asahi Kasei Pharma ("Asahi") up to USD 547 million in compensatory damages. In addition, the jury awarded punitive damages of USD 30 million against certain individual officers of the company.
Actelion has filed a motion for a required election of remedies and an off-set. This motion could result in a substantial reduction in compensatory damages.
Specifically, the motion is asking for an election between damages of USD 358.95 million for alleged lost profits or USD 187.4 million in alleged development costs.
In addition, from either amount the motion is asking for the deduction (off-set) of USD 78.4 million from a previous payment related to arbitration proceedings in 2009.
Actelion is disappointed with the jury decision. The company believes that the ruling is neither supported by the facts nor is it correct as a matter of law. The company will file appropriate further post-trial motions and will appeal the entire judgment.
Contact:
Roland Haefeli
Vice President, Head of Investor Relations & Public Affairs
Actelion Pharmaceuticals Ltd, Gewerbestrasse 16, CH-4123 Allschwil
+41 61 565 62 62
+1 650 624 69 36
www.actelion.com
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Conclusion of this article: « Actelion to appeal final jury verdict in Asahi Kasei litigation in US Court »
Source: Actelion Pharmaceuticals Ltd, Press release