Actelion announces results of arbitration meeting with Asahi Kasei Pharma Corporation
7 January 2010 00:00 in Pharmaceutical Company Financials
Actelion has issued a report on the results of an arbitration proceeding session between CoTherix - one of its subsidiaries - and Asahi Kasei Pharma Corporation.
The pharmaceutical firm explained that the meeting related to a licence agreement to develop Asahi Kasei's rho kinase inhibitor fasudil.
It stated that the Asahi Kasei and CoTherix entered into an initial agreement relating to the therapy in June 2006 and this was followed by the acquisition of 100 per cent of all issued and outstanding shares of the latter firm by Actelion in January 2007.
CoTherix has since been a wholly-owned, separate subsidiary of Actelion and advised Asahi Kasei that it would not continue the development of fasudil in January 2007, returning the product to the Japanese firm - which operates around the world, including the UK.
"The arbitration panel has now reached a decision that CoTherix should pay Asahi Kasei approximately $91 million (56.9 million pounds) plus interest," Actelion concluded.
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