Mayne Pharma: Sanofi-Aventis will not appeal court decision

Mayne Pharma announced this week that third-largest pharmaceutical company in the world, Sanofi-Aventis, has decided to not proceed with an appeal against a decision made by the UK high court in favour of Mayne Pharma.

In May 2006, the high court ruled in favour of Mayne Pharma in a court case regarding patents for its oxaliplatin products. The company subsequently launched its version of the compound in October of that year, following the granting of regulatory approval a month earlier.

“Oxaliplatin, sold by Sanofi-Aventis under the brand name Eloxatin, is a core anti-cancer product used in the treatment of stage III and metastatic colorectal cancer,” Mayne Pharma notes.

The company reports that sales of the compound from June 2005 to June 2006 increased by 23 per cent over the previous year to $1.6 billion (1.07 billion pounds), with European sales in the region of $530 million and UK sales $35 million in the same year.

Last month, shareholders of Mayne Pharma agreed at a meeting on a schedule in relation to the company’s acquisition by a subsidiary of Hospira.

According to the schedule, a court hearing for approval of the scheme will take place on January 16th 2007, with the effective date a day later, when trading in the company’s shares on the American Stock Exchange will cease.

The official end of the quotation of the company’s shares will occur at the end of trading on January 30th.