Par, Johnson & Johnson settle painkiller dispute

Thu Jul 19, 2007 8:03am EDT

BOSTON, July 19 (Reuters) - Par Pharmaceutical Companies Inc. (PRX.N) said on Thursday it has agreed to pay Johnson & Johnson (JNJ.N) a royalty on sales of its generic version of J&J's painkiller Ultracet, ending litigation between the two companies.

Under the settlement, Par will pay J&J unit Ortho-McNeil a royalty on sales of its generic tramadol/acetaminophen product through Nov. 15, 2007 and cease selling the product by that time.

Par will also pay royalties on sales from August 2006 to June 2007.

(Reporting by Toni Clarke)

((Editing by Dave Zimmerman, Reuters Messaging, toni.clarke.reuters.com@reuters.net, 617-367-4165)) Keywords: PAR/

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