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Biotech / Medical : Barr Laboratory BRL -- Ignore unavailable to you. Want to Upgrade?

To: E. Graphs who wrote (174)	6/29/1999 7:59:00 AM
From: harkenman	Read Replies (1) \| Respond to of 207

Monday June 28, 9:42 am Eastern Time Company Press Release SOURCE: Barr Laboratories, Inc. Barr Says Tamoxifen Patent Settlement is Pro-Consumer and Pro-Competitive Challenges Conclusions of 'USA Today' Story POMONA, N.Y., June 28 /PRNewswire/ -- In response to a USA Today article, Barr Laboratories, Inc. (NYSE: BRL - news) today reiterated that its Tamoxifen patent challenge settlement is pro-consumer and pro-competitive, and has resulted in tens of millions of dollars in savings. The Company confirmed that it recently met with officials of the U.S. Department of Justice for the first time and that it is committed to helping the Department understand the substantial health care benefits of its settlement. ''As a result of our patent settlement, breast cancer patients have had access to a more affordable version of Tamoxifen eight years earlier than they would have if we had pursued our challenge and failed,'' said Bruce L. Downey, Barr's Chairman, President and CEO. The Company distributes its product to drug stores, distributors and wholesalers at approximately 15% less than the brand price. ''The validity of this settlement, and its value to consumers, rests on several overriding facts,'' Downey continued. ''We elected to enter into an agreement to distribute Tamoxifen because of the very real possibility that we might have lost our patent challenge. In fact, subsequent unsuccessful challenges by other companies have proven we made the right decision in settling. If we had not settled, and lost on appeal, the potential for a decade of multi-million dollar savings would never have been realized. ''Second, it is a fact that this settlement has been pro-competitive and pro-consumer. There is clearly more competition today than before Barr challenged the Tamoxifen patent. Without this agreement, there would currently be no competition for the brand product. Clearly, it has been pro- competitive, because eight-out-of-ten women who take Tamoxifen have elected to take our lower cost version. The millions of dollars in savings to the health care system shows that the settlement is very pro-consumer. ''Third, the article implies that settlements of complex cases are somehow improper. In fact, the American judicial process encourages settlements, and this particular case has shown that such settlements can bring substantial value to consumers,'' Downey added. In 1993, as a result of a settlement of a patent challenge against the innovator of Tamoxifen, Barr entered into a non-exclusive supply and distribution agreement. Under the terms of the agreement, Barr purchases Tamoxifen directly from the innovator and sells it as a generic product. The Company also has a tentatively approved Abbreviated New Drug Application (ANDA) for the manufacture of Tamoxifen. At the time of patent expiration in August 2002 (or should another company's patent challenge succeed), Barr will be permitted to immediately begin the direct manufacture of Tamoxifen. Barr Laboratories, Inc. is engaged in the development, manufacture and marketing of generic and proprietary pharmaceuticals. SOURCE: Barr Laboratories, Inc. More Quotes and News: Barr Laboratories Inc (NYSE:BRL - news) Related News Categories: biotech, health care, medical/pharmaceutical Help Copyright © 1999 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Co