Arbitration panel awards $35 million to GlaxoSmithKline
The arbitration concerns the Triximet asset purchase agreement and supply agreement between the two companies. GSK was awarded both damages and fees totaling $35 million plus interest of $2 million to $5 million.
The tribunal denied Pernix's claim concerning GSK's alleged breach of contract, concerning a supply agreement, though Pernix has already paid GSK a sum of $16.5 million. The two companies are dedicated to coming to an agreement concerning the amount of interest owed.
Pernix pledges to continue in their endeavors to provide better performance in a range of areas, including streamlined operations and prescription development, among many other categories. It will also be investigating options for refinancing, mergers and acquisitions.