Arbitral Tribunal Decides In Favor Of Valeant In UCERIS Arbitration
LAVAL, Quebec, April 12, 2018 /PRNewswire/ -- 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.
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.
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SOURCE Valeant Pharmaceuticals International, Inc.