Perrigo Company (Nasdaq:PRGO; TASE:PRGO) said that, together with its partner Cobrek Pharmaceuticals, Inc., it has agreed to settle all Hatch-Waxman litigation relating to its generic Luxiq (betamethasone valerate) foam brought by Stiefel Laboratories, a GSK company, against Cobrek by taking a royalty bearing license under all relevant patents.
Under the terms of the settlement, Perrigo can launch a generic version of Luxiq Foam on January 15, 2013, or earlier under certain circumstances. Luxiq Foam is a topical corticosteroid indicated for relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses of the scalp, and had sales of approximately $38 million for the 12 months ended in February, as measured by Wolters Kluwer Health.
Perrigo and Cobrek also received final US Food and Drug Administration (FDA) approval to manufacture and sell Clindamycin Phosphate Foam 1%, a generic version of Evoclin Foam 1% of Stiefel. Perrigo began shipping its version on March 31, when it received the FDA approval. In accordance with the terms of a settlement Perrigo and Cobrek reached with GSK unit Stiefel Laboratories, they were allowed to ship their products until April 2, and Perrigo can recommence shipments of the product on or after October 1, 2010.
The agreement with Stiefel includes payments from Perrigo to Stiefel of license fees as well as royalties.
Evoclin (clindamycin phosphate) Foam 1% is a topical antibiotic indicated for topical application in the treatment of acne vulgaris, and had sales of approximately $44 million for the 12 months through February, as measured by Wolters Kluwer Health.
Shares in Perrigo rose 3.3% yesterday to $61.01, giving a market cap of $5.56 billion. The share price has jumped over 53% so far in 2010, and the firm has paid a dividend as well. At the end March, Perrigo announced that it was buying PBM Holdings Inc., a leading store-brand infant formula manufacturer, for $808 million in cash.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2010
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