6 Nov 2017 07:00
BTG plc: update on legal ruling
London, UK, 6 November 2017: BTG plc (LSE: BTG), the global specialist healthcare company, announces that the Court of Chancery of Delaware has issued its final order and judgement in relation to the litigation between BTG and Wellstat Therapeutics Corporation. This confirms the court's ruling, announced by BTG on 20 September 2017, that BTG has breached the distribution agreement relating to the commercialisation of Vistogard®.
As a result the distribution agreement has been terminated and BTG anticipates returning all rights to Vistogard® to Wellstat as soon as practicable. The court has also confirmed its ruling that Wellstat is entitled to damages of $55.8m plus interest and costs. BTG continues to consider appeal options. Pending the outcome of any appeal, BTG will recognise a provision of £53.5m in its results for the six months to 30 September 2017 to cover the damages and estimated interest plus costs at that date.
For further information contact
BTG
Andy Burrows, VP Corporate & Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530 605
Stuart Hunt, Investor Relations Manager
+44 (0)20 7575 1582; Mobile: +44 (0)7815 778 536
Chris Sampson, Corporate Communications Director
+44 (0)20 7575 1595; Mobile: +44 (0)7773 251 178
FTI Consulting
Ben Atwell/Simon Conway
+44 (0)20 3727 1000
About BTG
BTG is a global specialist healthcare company bringing to market innovative products in specialist areas of medicine to better serve doctors and their patients. We have a portfolio of Interventional Medicine products to advance the treatment of cancer, severe emphysema, severe blood clots and varicose veins, and Specialty Pharmaceuticals that help patients overexposed to certain medications or toxins. Inspired by patient and physician needs, BTG is investing to expand its portfolio to address some of today's most complex healthcare challenges. To learn more about BTG, please visit: btgplc.com.