UPDATE 1-Medicis, Teva end dispute relating to Solodyn

NEW YORK, March 18 (Reuters) - Medicis Pharmaceutical Corp (MRX.N) and Teva Pharmaceutical Industries TEVA.O announced on Wednesday they have agreed to terminate all legal disputes between them relating to an acne drug.

Israel's Teva (TEVA.TA), the world's largest generic drugmaker, confirmed that Medicis' patents relating to Solodyn Extended Release Tablets are valid and enforceable and has agreed to stop all further shipments of its generic version of the drug.

Medicis agreed to release Teva from liability arising from prior sales of its generic Solodyn. The two companies issued a joint statement.

Teva can market its version starting in November 2011 or earlier under certain conditions.

Solodyn contributes nearly 50 percent of Medicis' total revenue, according to analysts. (Reporting by Helen Chernikoff, Editing by Muralikumar Anantharaman)