The company's product, used to treat siezures, was developed by Novartis.
Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) plans to launch its generic version of Oxcarbazepine tablets in the US, after it settled a legal dispute with Novartis AG (NYSE: NVS) over its patent protection for the ethical version of the drug which is used to treat seizures.
Oxcarbazepine, marketed by Novartis as Trileptal, is a pharmaceutical product used in treating seizures. On November 15, the US Food and Drug Administration (FDA) approved Taro's Abbreviated New Drug Application (ANDA) to market Oxcarbazepine in 150 mg, 300 mg, and 600 mg dosages, but Taro delayed the launch until a settlement with Novartis was reached. The company said it plans to launch Oxcarbazepine in the near future. According to industry sources, Trileptal tablets currently have annual US sales of approximately $700 million.
Taro's share closed down 0.5% yesterday at $7.61.
Published by Globes [online], Israel business news - www.globes.co.il - on January 9, 2008
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