<Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and Mylan Inc. (NYSE: MYL) have settled the patent infringement case that Mylan filed against the US Food and Drug Administration (FDA) over Mylan's generic version of Teva's Provigil. Provigil is used to improve wakefulness in patients who suffer from narcolepsy, obstructive sleep apnea, and shift work disorder.
Teva obtained Provigil through its acquisition of Cephalon for $6.8 billion in 2011. According to IMS Health, generic Provigil, or Modafinil, had $1.2 billion in the year through March 2012.
Under the settlement, Mylan will be allowed to launch its generic versions of Provigil tablets on August 10, 2012, which is prior to the expiration of the 180-day marketing exclusivity period granted to Teva.
The case was filed with the US District Court for the District of Columbia.
Teva's share price fell 1.2% by midday today on the TASE to NIS 152, after rising 0.5% on the New York Stock Exchange on Friday to $39.20, giving a market cap of $36.9 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012