Actelion to appeal damages order
AFP · 4 May 2011, 09:26
Published: 04 May 2011 09:26 GMT+02:00
Actelion said in a statement that it had also filed a short-term court motion to try to pare down compensation, partly due to previous arbitration on the issue.
"The company will file appropriate further post-trial motions and will appeal the entire judgment," it added.
It believes the ruling is "neither supported by the facts nor is it correct as a matter of law."
The dispute dates back to November 2008 when Asahi filed suit over the cancellation of an agreement with Actelion subsidiary Cotherix to licence and develop a drug compound called fasudil.
Its current motion is asking for a choice to be made between damages of $358.95 million for alleged lost profits or $187.4 million in alleged development costs; and for an additional deduction of $78.4 million due to previous arbitration.
The biotech firm noted that punitive damages of 30 million dollars had also been awarded against some company executives.