Anacor Pharmaceuticals ANAC today announced that Valeant
Pharmaceuticals International, Inc. VRX, or Valeant, has agreed that the launch of
efinaconazole, its topical product candidate for the treatment of
onychomycosis, will not occur until after the September 2013 arbitration
hearing to resolve our breach of contract dispute with Valeant. As a result,
the preliminary injunction hearing which was scheduled for May 6-8, 2013 has
been canceled.
As previously disclosed, in October 2012, we provided notice to Valeant,
successor in interest to Dow Pharmaceutical Sciences, Inc., or DPS, seeking to
commence arbitration with JAMS of a breach of contract dispute under a master
services agreement dated March 26, 2004 between DPS and us related to certain
development services provided by DPS in connection with our efforts to develop
tavaborole, our topical antifungal product candidate for the treatment of
onychomycosis. We have asserted claims for breach of contract, breach of
fiduciary duty, intentional interference with prospective business advantage
and unfair competition. We are seeking injunctive relief and damages of at
least $215.0 million. The final arbitration hearing is currently scheduled for
September 2013, and we expect the resolution of the arbitration to occur in
the second half of 2013. We have carefully reviewed our position and believe
that we have meritorious claims; however, we will need to prove such claims in
the arbitration hearings.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in