Assertio Therapeutics has reached a settlement with Purdue Pharma over a patent infringement lawsuit it filed against the latter related to its commercialization of Oxycontin (oxycodone hydrochloride-controlled release).
Under the terms of the agreement, Purdue will pay Assertio a total of $62 million in cash, with $30 million in cash paid on August 28, 2018 and an additional $32 million to be paid on February 1, 2019. The agreement resolves all pending claims between the two parties.
Assertio president and CEO Arthur Higgins said: “We are extremely pleased to settle this litigation with Purdue in a manner that is favorable to the Company and to our shareholders.
“This infusion of cash, coupled with the $20 million we recently received from our royalty sale to PDL BioPharma, further strengthens our balance sheet and improves our financial flexibility as we continue to transform the Company.”
About Assertio Therapeutics
Assertio Therapeutics is committed to providing responsible solutions to advance patient care in the Company’s core areas of neurology, orphan and specialty medicines.
Assertio currently markets three FDA-approved products and continues to identify, license and develop new products that offer enhanced options for patients that may be underserved by existing therapies.
Source: Company Press Release.