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| Healthcare IT and Biotechnology News Release |
| News Home :: Healthcare IT and Biotechnology News Releases :: More News Releases on this day |
| Date of Publication: Monday, July 14, 2008 |
Amgen and Ortho Biotech Settle Antitrust Suit |
| 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). |
THOUSAND OAKS, Calif. -- 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.
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