Arbitration panel awards $35 million to GlaxoSmithKline

The tribunal denied Pernix's claim concerning GSK's alleged breach of contract.
The tribunal denied Pernix's claim concerning GSK's alleged breach of contract. | File photo
GlaxoSmithKline (GSK) was awarded damages, fees and interest on Jan. 31 as arbitration concluded with Pernix Therapeutics Holdings Inc. 
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.
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GlaxoSmithKline 5 Crescent Dr Philadelphia, PA 19112

Pernix Therapeutics 10 N Park Pl Morristown, NJ 07960