WOODCLIFF LAKE, N.J., April 21 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) ("Par") today announced it has entered into a settlement agreement with Reliant Pharmaceuticals, Inc. ("Reliant") that resolves patent litigation related to Reliant's Rythmol(R) SR product, thereby eliminating the inherent uncertainty and costs of litigation.
Under the terms of the settlement, Par will have the right to introduce a generic version of Rythmol(R) SR on January 1, 2011, or earlier under certain circumstances. Propafenone extended release capsules are indicated to prolong the time to recurrence of symptomatic atrial fibrillation in patients without structural heart disease. The use of Propafenone ER capsules in patients with permanent atrial fibrillation or in patients exclusively with atrial flutter or PSVT has not been evaluated. Propafenone ER capsules should not be used to control ventricular rate during atrial fibrillation. The effect of Propafenone ER capsules on mortality has not been determined. Rythmol(R) SR had combined U.S. sales of approximately $119 million for the twelve months ended September 2008, according to IMS Health.
In accordance with the settlement agreement, all ongoing patent litigation between Reliant Pharmaceuticals and Par Pharmaceutical, Inc., in the U.S. District Court for the District of Delaware, has been dismissed.
Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.
Safe Harbor Statement
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2008, in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.
|SOURCE Par Pharmaceutical Companies, Inc.|
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