MONTVALE, N.J., Sept. 16 /PRNewswire-FirstCall/ -- Barr
Pharmaceuticals, Inc. (NYSE: BRL) today announced that its subsidiary, Barr
Laboratories, Inc., received final approval from the U.S. Food & Drug
Administration (FDA) to manufacture and market a generic version of Ortho
McNeil Janssen's Razadyne(R) ER (galantamine hydrobromide extended release
capsules), eq. to 8 mg, 16 mg and 24 mg. Barr also announced that it is the
first company to file an Abbreviated New Drug Application (ANDA) with the
U.S. Food & Drug Administration (FDA) containing a Paragraph IV
certification for a generic version of Razadyne ER capsules, and therefore
is entitled to 180-days of marketing exclusivity, as provided for under the
Hatch Waxman Act. The Company intends to launch its product shortly.
Barr filed its ANDA with the FDA containing a Paragraph IV
certification for the 8 mg eq. capsule strength of Razadyne ER on March 1,
2006. Barr amended its ANDA on March 10, 2006 to include the 16 mg eq. and
24 mg eq. capsule strengths in its filing. Following receipt of the notice
from the FDA that Barr's ANDA was accepted for filing, Barr notified the
New Drug Application (NDA) holder and patent owner.
On July 6, 2006, Barr announced that Janssen had filed suit against the
Company in the U.S. District Court of New Jersey asserting U.S. Patent No.
4,663,318 ("the '318 patent") against Barr. Barr subsequently amended its
application to certify that a later listed patent, U.S. Patent No.
7,160,559 ("the '559 patent"), which was not listed at the time Barr's
original ANDA was filed, was invalid, unenforceable or not infringed, and
provided notice of this to Janssen. Janssen subsequently filed a new suit
asserting the '559 patent against Barr.
On August 28, 2008, Barr announced that the U.S. District Court for the
District of Delaware had ruled in Barr's favor in the challenge of the '318
patent listed by Ortho McNeil Janssen in connection with Janssen's Razadyne
tablets.
In her ruling, District Court Judge Robinson found that the '318 patent
is invalid for lack of enablement. Pursuant to an Order in the case pending
in the District of New Jersey, Judge Robinson's decision in the District of
Delaware was given effect in the Razadyne ER litigation. Therefore, the
decision regarding the '318 patent effectively ended the 30-month stay with
respect to Barr's generic Razadyne ER (galantamine hydrobromide), 8 mg, 16
mg and 24 mg extended release capsules.
Razadyne ER had annual sales of approximately $112 million for the
twelve months ending June 2008, according to IMS sales data.
About Barr Pharmaceuticals, Inc.
Barr Pharmaceuticals, Inc. is a global specialty pharmaceutical company
that operates in more than 30 countries worldwide and is engaged in the
development, manufacture and marketing of generic and proprietary
pharmaceuticals, biopharmaceuticals and active pharmaceutical ingredients.
A holding company, Barr operates through its principal subsidiaries: Barr
Laboratories, Inc., Duramed Pharmaceuticals, Inc. and PLIVA d.d. and its
subsidiaries. The Barr Group of companies markets more than 120 generic and
27 proprietary products in the U.S. and approximately 1,025 products
globally outside of the U.S. For more information, visit http://www.barrlabs.com.
Forward-Looking Statements
This communication contains "forward-looking statements" which
represent the current expectations and beliefs of management of Barr
Pharmaceuticals, Inc. (the "Company") concerning the proposed merger of the
Company with Boron Acquisition Corp., a wholly-owned subsidiary of Teva
Pharmaceutical Industries Ltd. (the "merger") and other future events and
their potential effects on the Company. The statements, analyses, and other
information contained herein relating to the proposed merger, as well as
other statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "will," "should," "may," and other similar
expressions, are "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are not
guarantees of future results and are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those anticipated. Those factors include, without limitation: the
difficulty in predicting the timing and outcome of legal proceedings,
including patent-related matters such as patent challenge settlements and
patent infringement cases; the difficulty of predicting the timing of FDA
approvals; court and FDA decisions on exclusivity periods; the ability of
competitors to extend exclusivity periods for their products; market and
customer acceptance and demand for our pharmaceutical products; our
dependence on revenues from significant customers; reimbursement policies
of third party payors; our dependence on revenues from significant
products; the use of estimates in the preparation of our financial
statements; the impact of competitive products and pricing on products,
including the launch of authorized generics; the ability to launch new
products in the timeframes we expect; the availability of raw materials;
the availability of any product we purchase and sell as a distributor; the
regulatory environment in the markets where we operate; our exposure to
product liability and other lawsuits and contingencies; the increasing cost
of insurance and the availability of product liability insurance coverage;
our timely and successful completion of strategic initiatives, including
integrating companies (such as PLIVA d.d.) and products we acquire;
fluctuations in operating results, including the effects on such results
from spending for research and development, sales and marketing activities
and patent challenge activities; the inherent uncertainty associated with
financial projections; our expansion into international markets through our
PLIVA acquisition, and the resulting currency, governmental, regulatory and
other risks involved with international operations; our ability to service
our significantly increased debt obligations as a result of the PLIVA
acquisition; changes in generally accepted accounting principles; the
reactions of the Company's customers and suppliers to the merger; and
diversion of management time on merger-related issues. These and other
applicable risks, cautionary statements and factors that could cause actual
results to differ from the Company's forward-looking statements are
included in the Company's filings with the U.S. Securities and Exchange
Commission ("SEC"), specifically as described in the Company's annual
report on Form 10-K for the fiscal year ended December 31, 2007. The
Company undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events or circumstances.
Important Legal Information
In connection with the proposed merger, the Company will prepare a
proxy statement to be filed with the SEC. When completed, a definitive
proxy statement and a form of proxy will be mailed to the stockholders of
the Company. Before making any voting decision, the Company's stockholders
are urged to read the proxy statement regarding the merger carefully and in
its entirety because it will contain important information about the
proposed merger. The Company's stockholders will be able to obtain, without
charge, a copy of the proxy statement (when available) and other relevant
documents filed with the SEC from the SEC's website at http://www.sec.gov.
The Company's stockholders will also be able to obtain, without charge, a
copy of the proxy statement and other relevant documents (when available)
by directing a request by mail or telephone to Barr Pharmaceuticals, Inc.,
225 Summit Avenue, Montvale, NJ, 07645 -- Attention: Investor Relations.
The Company and its directors and officers may be deemed to be
participants in the solicitation of proxies from the Company's stockholders
with respect to the proposed merger. Information about the Company's
directors and executive officers and their ownership of the Company's
common stock is set forth in the Company's annual report on Form 10-K for
the fiscal year ended December 31, 2007 and the Company's proxy statement
for the Company's 2008 Annual Meeting of Stockholders. Stockholders may
obtain additional information regarding the interests of the Company and
its directors and executive officers in the merger, which may be different
than those of the Company's stockholders generally, by reading the proxy
statement and other relevant documents regarding the proposed merger, when
filed with the SEC.
SOURCE Barr Pharmaceuticals, Inc.
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Related links:
http://www.barrlabs.com
CONTACT:
Carol A. Cox of Barr Pharmaceuticals, Inc.,
+1-201-930-3720, Carol.Cox@barrlabs.com
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