27th Mar 2014 13:12
LONDON (Alliance News) - NASDAQ-listed Myland Inc said Thursday that it has won its breach of contract case against UK pharmaceutical giant GlaxoSmithKline PLC.
The jury of the United States District Court for New Jersey decided that Glaxo owes Mylan USD106.7 million in damages, over charges related to agreements in 2007 to obtain intellectual property rights from Glaxo. The agreement allowed Mylan to launch generic Paroxetine Hydrochloride ER Tablets.
The company said it was pleased with the jury's verdict and intends to seek additional relief to further protect its rights.
"We are disappointed in the outcome of the trial and are considering all options," a spokesperson for Glaxo said in a statement.
Shares in Glaxo were trading down 0.9% at 1,607.50 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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