Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) has entered into a definitive agreement with Ortho-McNeil-Janssen. The agreement settles the patent infringement lawsuit in the US District Court for the District of New Jersey related to Teva’s generic version of the oral contraceptive, Ortho Tri-Cyclen Lo.
Under the terms of the settlement, Teva will obtain a release for past sales of its generic product, in exchange for an undisclosed royalty payment. Teva also will obtain a license to re-enter the market on December 31, 2015, or earlier in certain circumstances.
The settlement will not become effective until the court enters a proposed consent judgment upholding the validity and enforceability of Ortho’s patent.
Teva's shares rose 0.32% on Friday to $50.35 giving a market cap of $42.95 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 26, 2009
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