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Amgen today announced that it has reached an agreement to settle its outstanding antitrust litigation with Ortho Biotech Products L.P.
THOUSAND OAKS, CA, USA | July 11, 2008 | Amgen (NASDAQ:AMGN) today announced that it has reached an agreement to settle its outstanding antitrust litigation with Ortho Biotech Products L.P. (Ortho Biotech). Ortho Biotech, a subsidiary of Johnson & Johnson (NYSE: JNJ), had alleged that discounts offered to oncology clinics on Amgen's Neupogen and Neulasta and Aranesp products violated antitrust laws.
Under terms of the agreement, Amgen will pay Ortho Biotech $200 million and the pending litigation in New Jersey District Court will be dismissed with prejudice. Amgen continues to deny that its challenged conduct was unlawful, and admits to no wrongdoing as part of the settlement agreement.
"We are pleased to have reached a settlement that puts this litigation behind us. We believe eliminating the expense and uncertainty of this suit is in the best interest of shareholders," said Kevin Sharer, Amgen's chairman and chief executive officer.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives. To learn more about our pioneering science and our vital medicines, visit www.amgen.com.
SOURCE: Amgen |
