April 26 Generic drugmaker Actavis Inc
said it had settled a patent lawsuit with Purdue Pharma related
to Actavis' generic version of the abuse-deterrent formulation
of Purdue's painkiller OxyContin.
Under the agreement, Actavis will be licensed to market a
specified number of bottles of its generic OxyContin beginning
Jan. 1, 2014.
Actavis expects the agreement to represent more than $100
million in combined gross profit in 2014 and 2015, but the other
terms of the settlement were not disclosed.
If Actavis is unable to get U.S. regulatory approval for its
generic OxyContin prior to Sept. 1, 2014, it will be permitted
to launch a specified number of bottles of an authorized generic
version of Purdue's abuse-deterrent product beginning in October
OxyContin had U.S. sales of about $2.8 billion for the 12
months ending Jan. 31, 2013, according to IMS Health, Actavis
said in a statement.
Actavis, formerly known as Watson Pharmaceuticals, announced
on Thursday it had settled a lawsuit with Shire Plc,
related to a generic version of Shire's drug, Intuniv, to treat
attention deficit hyperactivity disorder.
The drugmaker changed its name from Watson after buying
Actavis as part of its strategy to expand in international
markets and offer more specialty drugs.