Cosmo Pharmaceuticals announces unfavourable award of
Arbitral Tribunal in respect of request to terminate
Uceris License Agreement with Valeant
Dublin - April 12, 2018 - Cosmo Pharmaceuticals N.V. (SIX: COPN) today announced that the ICC Arbitral Tribunal has ruled that Valeant is not in breach of the Uceris License Agreement, notwithstanding Cosmo's claims. Cosmo will have to reimburse Valeant approx. USD 3 m in legal cost.
"We decided to promote this arbitration having previously sought qualified advice and upon what we believed were very good grounds. Thus, we think we did what we had to do to protect shareholders' interests. While were hoping for a very different decision, this outcome has no impact on our existing operations, plans nor our financial guidance. As to Uceris, the license will continue in force under the existing economic terms." said Alessandro Della Chà, Chief Executive Officer of Cosmo Pharmaceuticals.
Provider | Channel | Contact | ||
---|---|---|---|---|
EQS Group Ltd., Switzerland switzerland.eqs.com |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries cs.switzerland@eqs.com +41 41 763 00 50 |