07 November 2005 00:01 [Source: ICB Americas]
Merck & Co. Inc. announced that it won a product liability case over Vioxx (rofecoxib) in a New Jersey court, which ruled in favor of the US drugmaker. News of the win boosted Merck’s stock on November 3. The jury on the case found that Merck had properly warned consumers about the risks of the medication, meaning the company won’t be held liable for a patient’s claim that he suffered a heart attack while using the drug. The victory is Merck’s first win in two separate trials related to Vioxx. The company lost out in the other trial when a Texas court ruled Merck liable for another Vioxx patient’s death. Merck stands to face over 6,500 more lawsuits of a similar nature and intends to vigorously defend each one individually over the coming years, said a company spokesperson.
Rhodia has agreed to sell its latex business activities to private equity-owned Hexion Specialty Chemicals of the US for an undisclosed sum, the French group said on Friday. Its latex operations are chiefly based in western Europe, but it has activities in Latin America and Asia. The business employs 440 people and in 2004 had sales of about €150 million ($181 million). It said the sale to Hexion was expected to be completed by the end of this year. Hexion was formed earlier this year by Borden Capital and operates in the thermoset resins area.
Chevron Phillips Chemical Company LP has sold its Port Arthur, Tex., cumene production facility to Ineos Americas LLC for an undisclosed amount. The production unit will become a part of Ineos’s phenol division. In addition, Chevron Phillips Chemical will provide tank operations and maintenance services for the cumene unit under the terms of a separate agreement between the companies.
BASF AG has sold its global phorate insecticide product line to Amvac Chemical Corp., a subsidiary of American Vanguard. The product line, which includes Thimet, Granutox and Geomet, generated roughly €14 million ($16.7 million) in 2004. The deal also includes manufacturing and formulation know-how, registration rights, intellectual property rights and inventories, and an exclusive license for American Vanguard to use BASF’s patented, closed delivery system, Lock ’N’ Load, in the US, Canada and Australia for phorate.
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