Valeant says Arbitral Tribunal issues favorable decision on Uceris
Valeant Pharmaceuticals announced that the Arbitral Tribunal issued a decision, rendered on April 9, relating to the arbitration between Santarus and Valeant and Cosmo Technologies, the licensor of certain intellectual property rights in, and supplier of, Valeant's Uceris extended release tablets. The arbitration focused on Cosmo's allegations that Valeant had breached the License Agreement and Manufacturing and Supply Agreement between the parties and Cosmo's claim that it had validly terminated the Agreements. Valeant denied each of Cosmo's allegations and claims. On April 12, the Tribunal issued a ruling rejecting Cosmo's claims in their entirety; accordingly, both the License Agreement and the Manufacturing and Supply Agreement remain in effect. Additionally, the Arbitral Tribunal ordered Cosmo to pay the entirety of Valeant's legal costs, or $3,063,960. Valeant said it "will continue to vigorously defend itself against these and other claims and allegations."