Healthcare Industry News: Novartis Pharma AG
News Release - December 6, 2007
Watson and Novartis Settle Lawsuit Over Exelon(R) Patent LitigationCORONA, Calif., Dec. 6 (HSMN NewsFeed) -- Watson Pharmaceuticals, Inc. (NYSE: WPI ), a leading specialty pharmaceutical company, announced today that it has reached a settlement with Novartis Pharmaceuticals Corporation, Novartis Pharma AG, Novartis AG, Novartis International Pharmaceutical Ltd., and Proterra AG (collectively "Novartis") on outstanding patent litigation related to Watson's generic version of ExelonŽ (rivastigmine tartrate) capsules.
Under the terms of the settlement agreement, Novartis has granted Watson a license to its U.S. patents covering ExelonŽ for a generic version of ExelonŽ. The agreement generally provides that Watson will not commence marketing its generic equivalent product until sometime prior to the expiration of the patents covering ExelonŽ. 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 ExelonŽ has been tentatively approved by the U.S. Food and Drug Administration.
Any statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the difficulty of predicting the timing and outcome of litigation; risks that resolution of patent infringement litigation through settlement could result in investigations or actions by private parties or government authorities, including the U.S. Department of Justice and /or the Federal Trade Commission; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; and other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report on Form 10-K for the year ended December 31, 2006.
ExelonŽ is a registered trademark of Novartis AG Corporation.
Source: Watson Pharmaceuticals
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