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news.Par Pharmaceutical Companies, a developer and marketer of generic drugs, has announced that on February 9, 2009, following a bench trial, the district court entered a judgment in favor of Pentech Pharmaceuticals, a developer of prescription drug therapies, and against Par in the amount of $69.95 million.
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As a result of the court’s decision, Par will accrue additional reserves of approximately $28 million on an after-tax basis in the fourth quarter of 2008. Par and its counsel are also considering the company’s options for appeal.
Previously, Pentech filed an action against Par in the US District Court of Illinois. This action alleged that Par breached its contract with Pentech relating to the supply and marketing of paroxetine (Paxil).