Barr, Par settle with Valeant over diazepam rectal gel products

Oct 15 (Reuters) - Barr Pharmaceuticals Inc BRL.N said its unit and Par Pharmaceutical Cos Inc (PRX.N) reached a settlement over their joint patent challenge with Valeant Pharmaceuticals North America related to Valeant's Diastat diazepam rectal gel products.

Under the terms, Barr and Par will have the right to launch generic versions of Diastat and Diastat AcuDial on or after Sept. 1, 2010, or earlier in certain circumstances, the companies said in separate statements.

Barr will record sales of the products and split the profits with Par. (Reporting by John Tilak in Bangalore)