Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has settled two patent lawsuits filed by AstraZeneca plc (LSE: AZN), over Teva's US generic versions of Prilosec, for the treatment of ulcers and reflux, and Nexium, for the treatment of heartburn. The litigation began in 2006.
Under the terms of the agreement, Teva will obtain a release for all past sales of its generic omeprazole, the active ingredient in both drugs, and will continue to market its product in the US and will make a one-time payment to AstraZeneca.
AstraZeneca granted Teva a license, subject to regulatory approval, to enter the US market with its generic esomeprazole delayed-release capsules on May 27, 2014, or earlier in certain circumstances.
Teva challenged AstraZeneca's US patent for Prilosec and began an at-risk marketing of a generic version in September 2004, when brand Prilosec had $1.2 billion in annual US sales.
Teva's share closed at $57.20 on Nasdaq yesterday. The share fell 0.2% by midday to NIS 214.50.
Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010