Healthcare Industry News: Elan Corp
News Release - March 6, 2009
Watson Pharmaceuticals and Elan Settle Lawsuit Over Naproxen SodiumCORONA, Calif., March 6 (Healthcare Sales & Marketing Network) -- Watson Pharmaceuticals, Inc. (NYSE: WPI ), a leading specialty pharmaceutical company, announced today that it has reached a settlement with Elan Corporation, Plc on outstanding patent litigation related to Watson's generic version of Naprelan® (naproxen sodium) tablets.
Under the terms of the agreement, Watson will pay Elan $18 million in full settlement of all disputes related to Watson's development, manufacturing, marketing and sale of its naproxen sodium product. Watson also has agreed not to market or sell its naproxen sodium product until the expiration or final finding of invalidity or unenforceability of U.S. Patent No. 5,637,320. Other details concerning the settlement have not been disclosed.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes generic and specialty brand pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses.
For press releases and other company information, visit Watson Pharmaceutical's Web site at http://www.watson.com.
Watson's Forward-Looking Statement
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, 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 litigation related to patent infringement; the impact of competitive products and pricing; market acceptance of and continued demand for Watson's products; 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, 2008.
Naprelan® is a registered trademark of Elan Corporation, Plc
Source: Watson Pharmaceuticals
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