Healthcare Industry News: Andrx Pharmaceuticals
News Release - December 4, 2007
Biovail Announces Settlement Agreement Related to Cardizem(R) LATORONTO--(HSMN NewsFeed)--Biovail Corporation (NYSE, TSX: BVF News) today announced that its subsidiary, Biovail Laboratories International SRL (BLS), has reached a settlement agreement with Watson Pharmaceuticals, Inc. (NYSE: WPI ), with respect to patent litigation against Watson subsidiary Andrx Pharmaceuticals, Inc. related to Andrx’s abbreviated new drug application for a generic version of Cardizem® LA, Biovail’s once-daily formulation of diltiazem.
Other details concerning the settlement have not been disclosed.
The settlement is subject to court approval, and will be submitted to the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice and the Federal Trade Commission within 10 days of its execution.
About Biovail Corporation
Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the Company’s Web site at www.biovail.com.
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