Orion settles patent dispute over the proprietary drug Precedex®
ORION CORPORATION STOCK EXCHANGE RELEASE 5 DECEMBER 2013 at 3.00 P.M. EET
Orion Corporation ("Orion") together with Hospira, Inc. ("Hospira") and Sandoz Inc. and Sandoz Canada Inc. (hereinafter collectively "Sandoz") have executed a settlement agreement in the lawsuit filed by Orion and Hospira in the United States against Sandoz regarding Sandoz's submission of abbreviated new drug application ("ANDA") for generic version of Orion's Precedex® product. The legal proceedings, which are currently in the appeal phase, concern Orion's US Patent No. 4,910,214 and Orion's and Hospira's commonly owned US Patent No. 6,716,867.
Under the terms of the settlement agreement, Sandoz may launch generic version of Precedex on 26 December 2014, unless certain conditions relating to launch, if triggered, lead to an earlier Sandoz market entry date.
The other terms and conditions of the settlement agreement are confidential.
In compliance with the applicable U.S. laws, the above agreement will be filed with the United States Federal Trade Commission and the United States Department of Justice.
| Timo Lappalainen |
President and CEO
| Olli Huotari |
SVP, Corporate Functions
Olli Huotari, SVP, Corporate Functions
tel. +358 10 426 3054
Orionintie 1A, FI-02200 Espoo, Finland
Orion is a globally operating Finnish company developing pharmaceuticals and diagnostic tests - a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals, active pharmaceutical ingredients and diagnostic tests. The company is continuously developing new drugs and treatment methods. Pharmaceutical R&D focuses on central nervous system drugs, oncology and critical care drugs, and Easyhaler® pulmonary drugs.
Orion's net sales in 2012 amounted to EUR 980 million and the company had about 3,500 employees. Orion's A and B shares are listed on NASDAQ OMX Helsinki.