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Dr. Reddy's and Nordion Inc. (formerly MDS Inc.) Settle Claims

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By Business Wirevia The Motley Fool

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Dr. Reddy’s and Nordion Inc. (formerly MDS Inc.) Settle Claims

HYDERABAD, India–(BUSINESS WIRE)– Dr. Reddy’s Laboratories (NYS: RDY) announced today that it had settled its claims against Nordion Inc. (formerly MDS Inc.), headquartered in Ottawa, Canada, in a case pending in the United States District Court for the District of New Jersey, for a cash payment of USD 22.5 Million by Nordion to Dr. Reddy’s. The settlement was concluded on 20 March 2013, with the receipt of the settlement funds by Dr. Reddy’s.

The case was brought by Dr. Reddy’s in April 2009 seeking damages sustained by the company caused by a claimed breach by Nordion (then MDS) of its Laboratory Services Agreement with Dr. Reddy’s. Nordion, as a contract research organization, provided laboratory services to Dr. Reddy’s, including bio-equivalency studies, to support Dr. Reddy’s regulatory applications for approval of generic drugs, including Abbreviated New Drug Applications (ANDAs) filed with the United States Food and Drug Administration (the USFDA) for approval to market generic drugs in the United States.

The case arose after the USFDA cited MDS with violations of good laboratory practices which caused the USFDA not to accept, without further substantiation, MDS‘s laboratory reports performed during the period 2000-2004.

Disclaimer

This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.

About Dr. Reddy’s

Dr. Reddy’s Laboratories Ltd. (NYS: RDY) is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses – Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, differentiated formulations and NCEs. Therapeutic focus is …read more
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Business, Finance, Occupation & Industry

Nordion and Dr. Reddy's Laboratories Settle Claims

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By Business Wirevia The Motley Fool

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Nordion and Dr. Reddy’s Laboratories Settle Claims

OTTAWA, Ontario–(BUSINESS WIRE)– Nordion Inc. (TSX: NDN) (NYS: NDZ) , a leading provider of products and services to the global health science market, has settled claims filed against Nordion by Dr. Reddy’s Laboratories Ltd. and certain affiliated companies (“Dr. Reddy’s”). Details of the settlement are confidential.

During fiscal 2009, Nordion was served with a Complaint from Dr. Reddy’s related to repeat study and mitigation costs of $10 million and lost profits of $70 million. This legal action, commenced by Dr. Reddy’s in New Jersey, related to certain bioequivalence studies carried out by the former MDS Pharma Services business unit from January 1, 2000 to December 31, 2004.

The settlement is expected to result in a loss of US$1.4 million for the Company after taking into account financial reserves maintained by the Company in relation to the claim. The settlement, most of which is covered by insurance, will result in a net cash outflow of US$17 million that includes insurance proceeds received to date. Nordion intends to report these items in its quarterly reporting for its second fiscal quarter of 2013.

About Nordion Inc.

Nordion Inc. (TSX: NDN) (NYS: NDZ) is a global health science company that provides market-leading products used for the prevention, diagnosis and treatment of disease. We are a leading provider of targeted therapies, sterilization technologies, and medical isotopes that benefit the lives of millions of people in more than 60 countries around the world. Our products are used daily by pharmaceutical and biotechnology companies, medical-device manufacturers, hospitals, clinics and research laboratories. Nordion has approximately 500 highly skilled employees worldwide. Find out more at www.nordion.com and follow us at http://twitter.com/NordionInc.

Forward-Looking Statements

Certain statements contained in this news release constitute “forward-looking statements”. These statements are based on current beliefs and assumptions of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. For additional information with respect to certain of these beliefs, assumptions, risks and uncertainties, please refer to Nordion’s Annual Information Form for fiscal 2012 available on SEDAR at www.sedar.com and on EDGAR on www.sec.gov.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Nordion Reports First Quarter Fiscal 2013 Financial Results

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By Business Wirevia The Motley Fool

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Nordion Reports First Quarter Fiscal 2013 Financial Results

OTTAWA, Ontario–(BUSINESS WIRE)– Nordion Inc. (TSX: NDN) (NYSE: NDZ:

  • Revenue of $53.7 million in Q1 2013, an increase of 1% over Q1 2012
  • Adjusted earnings per share, excluding specified items, decreased to $0.07 in Q1 2013, down from adjusted earnings per share of $0.11 in the first quarter fiscal 2012
  • TheraSphere revenue of $12.0 million in Q1 2013, an increase of 9% over Q1 2012


Nordion reports in U.S. dollars unless otherwise specified

Nordion Inc. (TSX: NDN) (NYS: NDZ) , a leading provider of products and services to the global health science market, today reported results for the first quarter of fiscal 2013. The Company generated $53.7 million in revenue for the first quarter fiscal 2013, an increase of $0.6 million, or 1%, over revenue of $53.0 million for the same period in fiscal 2012.

Excluding the specified items shown on the attached non-GAAP reconciliation table, adjusted net income for the first quarter decreased to $4.1 million from adjusted net income of $7.1 million during the same period in the previous fiscal year. Nordion had a GAAP net loss of $0.3 million in first quarter fiscal 2013, which improved by $0.6 million from a GAAP net loss of $0.9 million in the first quarter fiscal 2012.

First quarter fiscal 2013 adjusted non-GAAP earnings per share (EPS) decreased to $0.07 compared with $0.11 non-GAAP EPS in the first quarter of 2012. GAAP EPS was nil in the first quarter of 2013 versus a $0.01 loss per share in the same period last year.

“Nordion reported solid Q1 results with our Targeted Therapies, Sterilization Technologies and Medical Isotopes businesses turning in good performances,” said Mr. Steve West, Chief Executive Officer, Nordion Inc. “We remain focused on executing our …read more
Source: FULL ARTICLE at DailyFinance