MISSISSAUGA,
ON, Oct. 5, 2015 /PRNewswire/
- Cipher Pharmaceuticals Inc. (NASDAQ:CPHR; TSX:CPH) ("Cipher" or
"the Company") today announced that the Company, along with its
partners, Ranbaxy Pharmaceuticals, Inc. ("Ranbaxy"), a Sun Pharma
Company, and Galephar Pharmaceutical Research, Inc. ("Galephar"),
have entered into a Settlement Agreement with Actavis Laboratories
F1, Inc., Andrx Corp., Actavis, Inc. and Actavis Pharma, Inc.
("Actavis") that dismisses the patent litigation suit relating to
Actavis' Abbreviated New Drug Application (ANDA) for a generic
version of Absorica® (isotretinoin capsules).
As part of the Settlement Agreement, Cipher,
Ranbaxy and Galephar have entered into a non-exclusive license
agreement with Actavis under which Actavis may begin selling its
generic version of Absorica® in the U.S. on December 27, 2020 (approximately nine months
prior to the expiration of the patents in September 2021) or earlier under certain
circumstances.
The Settlement Agreement is subject to review by
the U.S. Federal Trade Commission and the U.S. Department of
Justice.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (NASDAQ:CPHR; TSX:CPH) is
a rapidly growing specialty pharmaceutical dermatology company with
a diversified portfolio of commercial-stage products with the goal
of becoming the most customer-centric dermatology company in
North America.
Cipher has completed seven transactions in 2015,
including the acquisition of Innocutis and its nine branded
dermatology products, to build its U.S. commercial presence, expand
its Canadian dermatology franchise and broaden its pipeline. Cipher
is well-capitalized to drive long-term, sustained earnings growth
by leveraging its proven clinical development capabilities and
efficient commercial execution. For more information, visit
www.cipherpharma.com.
Forward-Looking Statements
Statements made in this news release may be
forward-looking and therefore subject to various risks and
uncertainties. The words "may", "will", "could", "should", "would",
"suspect", "outlook", "believe", "plan", "anticipate", "estimate",
"expect", "intend", "forecast", "objective", "hope" and "continue"
(or the negative thereof), and words and expressions of similar
import, are intended to identify forward-looking statements.
Certain material factors or assumptions are applied in making
forward-looking statements and actual results may differ materially
from those expressed or implied in such statements. Factors
that could cause results to vary include those identified in the
Company's Annual Information Form, Form 40-F and other filings with
Canadian and U.S. securities regulatory authorities. These factors
include, but are not limited to our ability to enter into
in-licensing, development, manufacturing and marketing and
distribution agreements with other pharmaceutical companies and
keep such agreements in effect; our dependency on three
products; integration difficulties and other risks if we
acquire or in-license technologies or product candidates;
reliance on third parties for the marketing of our products; the
product approval process is highly unpredictable; the timing
of completion of clinical trials; reliance on third parties to
manufacture our products; we may be subject to product liability
claims; unexpected product safety or efficacy concerns may arise;
generate revenue from a limited number of distribution and supply
agreements; the pharmaceutical industry is highly competitive;
requirements for additional capital to fund future operations;
dependence on key managerial personnel and external
collaborators; no assurance that we will receive regulatory
approvals in the U.S., Canada or
any other jurisdictions; limitations on reimbursement in the
healthcare industry; limited reimbursement for products by
government authorities and third-party payor policies;
various laws pertaining to health care fraud and abuse; reliance on
the success of strategic investments and partnerships; the
publication of negative results of clinical trials; unpredictable
development goals and projected time frames; rising insurance
costs; ability to enforce covenants not to compete; risks
associated with the industry in which it operates; foreign currency
risk; the potential violation of intellectual property rights of
third parties; our efforts to obtain, protect or enforce our
patents and other intellectual property rights related to our
products; changes in U.S., Canadian or foreign patent law;
litigation in the pharmaceutical industry concerning the
manufacture and supply of novel versions of existing drugs that are
the subject of conflicting patent rights; inability to protect our
trademarks from infringement; shareholders may be further diluted;
volatility of our share price; a significant shareholder; we do not
currently intend to pay dividends; our operating results may
fluctuate significantly; we may be unsuccessful in evaluating
material risks involved in complete and future acquisitions; we may
be unable to identify, acquire or integrate acquisition targets
successfully; operations in the U.S.; and inability to meet
covenants on our credit facilities. All forward-looking statements
presented herein should be considered in conjunction with such
filings. Except as required by Canadian or U.S. securities laws,
the Company does not undertake to update any forward-looking
statements; such statements speak only as of the date made.
SOURCE Cipher Pharmaceuticals Inc.
