UPDATE 1-Purdue, KV settle OxyContin drug patent dispute

Tue Jun 9, 2009 8:06pm EDT

* KV to acknowledge Purdue patents

* KV will sell generic OxyContin on limited basis in U.S.

LOS ANGELES, June 9 (Reuters) - Purdue Pharma LP has settled a patent dispute over OxyContin with KV Pharmaceutical, agreeing to let KV sell generic versions of the popular painkiller on a limited basis in the United States.

Under the settlement, KV agreed to acknowledge Purdue's OxyContin patents and that they had been infringed upon, KV said on Tuesday.

In return, Purdue will let KV sell a generic version of the drug "for a limited time," and pay royalties for doing so. The companies did not elaborate on specifics.

The companies, both privately held, will further discuss the final location for manufacturing the product, KV said in a statement. (Reporting by Edwin Chan; Editing by Gary Hill)

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