Perrigo Announces Settlement In Proair® HFA Patent Case

News provided by

Jun 20, 2014, 09:20 ET

DUBLIN, June 20, 2014 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO; TASE) and its partner, Catalent, announced today that they have settled their first to file Hatch Waxman litigation with Teva with respect to a generic version of Proair® HFA. Pursuant to the settlement, Perrigo has a limited quantity license to launch a generic version of Proair® HFA starting on December 19, 2016 (or earlier in certain circumstances) and an unlimited quantity license beginning after June 30, 2018.

Proair® HFA indicated in patients 4 years of age and older for the treatment or prevention of bronchospasm with reversible obstructive airway disease and for the prevention of exercise-induced bronchospasm. Brand sales were approximately $1.4 billion over the last 52-weeks according to Symphony Health Solutions.

Perrigo's Chairman, President and CEO Joseph C. Papa stated, "This product was the result of the continued hard work and dedication of our Perrigo Rx team. This agreement is another example of Perrigo's investment and commitment to making quality healthcare more affordable for consumers."

From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri®. The Company is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products^®" and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America. Visit Perrigo on the Internet (http://www.perrigo.com).

Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 28, 2013, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Logo - http://photos.prnewswire.com/prnh/20120301/DE62255LOGO

SOURCE Perrigo