Biovail, Watson reach pact to delay generic drug
(Adds details)
TORONTO Dec 4 (Reuters) - Biovail Corp BVF.TO BVF.N said on Tuesday it reached an agreement with Watson Pharmaceuticals Inc (WPI.N) that will delay a generic version of Biovail's Cardizem heart drug from hitting the market until April 1, 2009.
Biovail Laboratories International SRL will receive a royalty from sales of Watson's copy cat version of the drug - a calcium channel blocker used to treat hypertension and angina - which won't be marketed or sold until 2009.
In return, Watson will get the exclusive license to Biovail's U.S. patents covering Cardizem LA.
No other details of the settlement were released.
The agreement is subject to court approval, and is expected to soon be submitted to the U.S. Assistant Attorney General in charge of the Antitrust Division of the Department of Justice and the Federal Trade Commission.
Biovail, which is facing an onslaught of generic versions of its drugs, has reached several pacts with other firms recently in a bid to stave off the competition long enough to develop its new drug pipeline.
Earlier this year, Biovail reached a patent settlement with a number of companies over its key anti-depressant drug Wellbutrin XL, delaying a flood of generic versions of the treatment for a few quarters.
($1=$1.00 Canadian)
(Reporting by Scott Anderson; Editing by Bernadette Baum)
((scott.anderson@reuters.com; +1 416 941 8106; Reuters Messaging: scott.anderson.reuters.com@reuters.net)) Keywords: BIOVAIL CARDIZEM/
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