Mylan Wins Motion To Enjoin GlaxoSmithKline From Providing Paroxetine CR Yo Apotex; Apotex Can No Longer Supply Authorized Generic Product
Mylan Inc. (Nasdaq: MYL) today announced that the U.S. District Court for the District of New Jersey granted its motion for a permanent injunction against GlaxoSmithKline (GSK) in relation to Paroxetine CR, the generic version of GSK's Paxil® CR. GSK is now precluded from supplying product to Apotex, which marketed the product as an authorized generic. Mylan had previously been awarded damages in the amount of $106,700,000 by the District Court after a favorable jury verdict in March 2014.
In addition, the District Court awarded Mylan prejudgment interest and permitted it to take an accounting so that Mylan can determine the amount of additional damages it has suffered since Sept. 30, 2013 as a result of GSK's ongoing breach. All of GSK's post-trial motions were denied.
Mylan is the only company to have successfully developed an FDA-approved generic version of this product.
Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of more than 1,300 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately 40% of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 140 countries and territories. Our workforce of more than 20,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.