-- Federal Court Enters Consent Judgment Terminating Litigation --
MADISON, N.J., July 16 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) and Impax Laboratories Inc. today announced that all conditions of a settlement of the U.S. patent infringement litigation pertaining to Impax's proposed generic capsule formulation of Wyeth's EFFEXOR XR(R) antidepressant have been approved by the United States District Court for the District of Delaware. The Court entered a consent judgment resulting in termination of the litigation effective today.
Under the terms of the settlement, Wyeth has granted Impax a license that would permit Impax to launch its capsule formulation of Effexor XR on or after June 1, 2011, subject to earlier launch in limited circumstances, but in no event earlier than January 1, 2011. Impax will pay Wyeth a royalty on sales of this generic product.
The parties also have agreed that Impax will utilize its neurology-focused sales force to promote a product to be named by Wyeth. Other terms of this agreement are confidential and were not disclosed.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
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