Ortho Biotech and Amgen Resolve Antitrust Litigation
BRIDGEWATER, N.J., July 11, 2008 /PRNewswire/ -- Ortho Biotech Products, L.P., a Johnson & Johnson company, today announced it has reached an agreement to settle its antitrust litigation with Amgen. In the litigation, Ortho Biotech alleged that discounts offered to oncology clinics on the Amgen products, Aranesp(R), Neupogen(R) and Neulasta(R), violated antitrust laws.
Under terms of the agreement, Amgen will pay Ortho Biotech $200 million. The after-tax gain of approximately $120 million is expected to be recorded in the results of operations for Johnson & Johnson for the third quarter of 2008.
Ortho Biotech is pleased with the agreement and the pending litigation in New Jersey District Court will be dismissed with prejudice.
About Ortho Biotech Products, L.P.
Ortho Biotech Products, L.P. is a leading biopharmaceutical company devoted to helping improve the lives of patients with cancer and with anemia due to multiple causes, including chronic kidney disease. Since it was founded in 1990, Ortho Biotech and its worldwide affiliates have earned a global reputation for researching, manufacturing and marketing innovative products that enhance patients' health. Located in Bridgewater, N.J., Ortho Biotech is an established market leader in Epoetin alfa therapy for anemia management. The company also markets treatments for recurrent ovarian cancer, rejection of transplanted organs and other serious illnesses. For more information, visit www.orthobiotech.com.
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 Company's expectations and projections. 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 December 30, 2007. 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. The Company does not undertake to update any forward- looking statements as a result of new information or future events or developments.
CONTACT: Media, Kassy McGourty of Ortho Biotech, +1-908-541-4090, or cell,+1-908-377-5873, ; or Investors, Louise Mehrotra,+1-732-524-6491, or Lesley Fishman, +1-732-524-3922, both for Johnson &Johnson KMcGourt@obius.jnj.com
Web site: http://www.jnj.com/
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Posted: July 2008