Ann: Teva Launches Generic Version of Axiron in United States, page-8

as with yourself I have been a LTer here. However I understand that ACR are also challenging certain patents they must hope to utilise in their pipeline. If that is the case then:

1) am sure that they will be funding their own legals here and if so that comes out of the cashflow;
2) if they lose these generics patent cases then what impact does it have on theipeline. I can't see it mentioned anywhere as to whether the lose of these cases may further delay the pipeline projects as they will need to formulate their own processes to get to the end result. IMO they are challenging the patents for a shortcut to finalise pipeline projects (and there is nothing wrong with that) - but lack of information regarding the challenges and the impact of a lose/win on the pipeline does not provide any comfort to me;
3) will be interesting to see if others will now challenge other aspects of ACR processes given that ACR are starting their own patent legal battles;\
4) the ACR patent that lapses/lapsed this year - nothing said as to whether it is to be renewed (if it can be/or the process for renewal has commenced or been finalised). Unclear to me if the patent is vital or whether other companies can now use it for competing/other products.

so IMO still lot of unanswered questions and given lack of transparency on other issues in the past and given lack of dividends then my opinion differs. Still a lot of work to be done here to get investors confidence back and IMO really need to start with a change at the top!

the complete cessation of dividends and yet the bonus structure being kept in place (and SP action not forming part of their bonus conditions) does little to instil confidence in me short-medium term here.

IMO the dividends were completely ceased as they probably have factored in other issues when determining what cashflow they need and the reduction in future royalties. Lets face it they will not be in a position any time soon to call on that exceptional royalty dependent on sales.

as to value of SP - been here for quite a while and the largest SH sold out at these any close to these levels for a reason(s). dividend cessation one of them and no doubt if they thought that was only to be a short term matter then they may have hung on.

still too many questions in my mind here!