Watson Pharma Settles Lawsuit Dispute With Novartis On Exelon Patent Litigation - Update
Thursday, December 06, 2007; Posted: 05:22 PM
(RTTNews) - Thursday evening, Watson Pharmaceuticals, Inc. (
WPI |
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PowerRating
), a manufacturer of branded and generic pharmaceutical products, said that it has settled its lawsuit dispute with Novartis AG (
NVS |
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news |
PowerRating), a manufacturer of healthcare products, regarding Watson's generic version of Exelon capsules.
According to the settlement deal, Novartis has granted Watson a license to its U.S. patents covering Exelon for a generic version of Exelon. The agreement generally provides that Watson would not commence marketing its generic equivalent product until sometime prior to the expiration of the patents covering Exelon.
The specific date on which Watson may launch its generic product and other details concerning the settlement have not been disclosed.
Watson's Abbreviated New Drug Application for its generic version of Exelon has been tentatively approved by the U.S. Food and Drug Administration.
WPI closed Thursday's regular trading session at $29.00, up 17 cents or 0.59%. In the after hours trading, the stock fell 3 cents or 0.10% to trade at $28.97. NVS closed Thursday's regular trading session at $56.77, down 18 cents or 0.32%.
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