Court of Appeals Overturns $1.8 Billion Patent Verdict for Centocor Ortho Biotech Inc.
HORSHAM, Pa., Feb. 23, 2011 /PRNewswire/ -- Centocor Ortho Biotech Inc. (Centocor) today received a decision from the Court of Appeals for the Federal Circuit in Washington, D.C. overturning a 2009 federal court jury verdict that awarded the company $1.8 billion after finding Abbott Laboratories liable for patent infringement.
A panel of the court ruled that the patent relating to Centocor anti-tumor necrosis factor (TNF) -alpha rheumatoid arthritis treatments was invalid.
"We are disappointed by the decision," said Rob Bazemore, president of Centocor Ortho Biotech Inc. "We are considering whether to ask for reconsideration by the panel or by the court of appeals as a whole."
The original verdict was returned in June 2009 by a U.S. District Court jury in Marshall, Texas. The patent is co-owned by New York University and Centocor, the exclusive licensee.
About Centocor Ortho Biotech Inc.
Centocor Ortho Biotech Inc. redefines the standard of care in immunology, nephrology, and oncology. Built upon a pioneering history, Centocor Ortho Biotech Inc. harnesses innovations in large-molecule and small-molecule research to create important new therapeutic options. Beyond its innovative medicines, Centocor Ortho Biotech is at the forefront of developing education and public policy initiatives to ensure patients and their families, caregivers, advocates, and healthcare professionals have access to the latest treatment information, support services, and quality care. For more information about Centocor Ortho Biotech, visit www.CentocorOrthoBiotech.com. Centocor Ortho Biotech Inc. is a wholly owned subsidiary of Johnson & Johnson (NYSE: JNJ).
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Centocor Ortho Biotech Inc. and/or Johnson & Johnson. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 3, 2010. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Neither Centocor Ortho Biotech Inc. nor Johnson & Johnson undertake to update any forward-looking statements as a result of new information or future events or developments.
SOURCE Centocor Ortho Biotech, Inc.
CONTACT: Media Contacts: Monica Neufang, +1-215-325-4250, Cell:+1-267-679-9179; Brian Kenney, +1-215-325-2107, Cell: +1-215-620-0111; orInvestor Contacts: Louise Mehrotra, +1-732-524-6491, Stan Panasewicz,+1-732-524-2524
Web site: http://www.CentocorOrthoBiotech.com/
Ticker Symbol: (NYSE:JNJ)
Terms and conditions of use apply
Copyright © 2011 PR Newswire Association LLC. All rights reserved.
A United Business Media Company
Posted: February 2011
Recommended for you