MORRISTOWN, N.J., Oct. 7 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that its subsidiary, Watson Laboratories, Inc. has reached a settlement with Endo Pharmaceuticals, Inc. on outstanding patent litigation related to Endo's Opana® ER (Oxymorphone ER) product. Endo filed its lawsuit on March 4, 2010, following Watson's filing of an Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration (FDA) for seeking approval to market its product in the 5, 7.5, 10, 15, 20, 30 and 40 mg dosage strengths.
Under terms of the settlement agreement, Endo has granted Watson a royalty-free license to U.S. patents covering Opana® ER. Watson will have the right to launch its generic equivalent version of the product on September 15, 2012, or earlier under certain circumstances. Other details of the settlement were not disclosed.
About Watson Pharmaceuticals, Inc.Watson Pharmaceuticals, Inc. is a leading global specialty pharmaceutical company. The Company is engaged in the development and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
Forward-Looking Statement Statements contained in this press release that refer to non-historical facts are forward-looking statements that reflect Watson's current perspective of existing information as of the date of this release. It is important to note that Watson's goals and expectations are not predictions of actual performance. 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, the impact of competitive products and pricing; the timing and success of product launches; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson and its third party manufacturers' facilities, products and/or businesses; changes in the laws and regulations, including Medicare and Medicaid affecting, among other things, pricing and reimbursement of pharmaceutical products; and such 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 for the year ended December 31, 2009 and Watson's quarterly report on Form 10-Q for the period ended June 30, 2010. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.
Opana® is a registered trademark of Endo Pharmaceuticals, Inc.CONTACTS:Investors:Patty EisenhaurWatson Pharmaceuticals, Inc.(973) 355-8141Media:Charlie MayrWatson Pharmaceuticals, Inc.(973) 355-8483(Logo: http://photos.prnewswire.com/prnh/20100121/LA41294LOGO)
|SOURCE Watson Pharmaceuticals, Inc.|
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