UPDATE 1-Biovail reaches patent settlement on Wellbutrin

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TORONTO, March 5 (Reuters) - Biovail Corp. (BVF.TO) said on Monday it reached a comprehensive patent settlement with a number of companies pertaining to its key anti-depressant drug Wellbutrin XL.

The company said the decision would have a positive effect on its 2007 revenue and it would provide an update about its 2007 outlook on March 15.

Biovail said the settlement is with Anchen Pharmaceuticals LLP, Impax Laboratories Inc., Watson Pharmaceuticals, Inc. (WPI.N) and Teva Pharmaceutical Industries Ltd. (TEVA.O). It followed a review by the U.S. Federal Trade Commission that had been requested by the parties, Biovail said.

Biovail said its legal action against Abrika Pharmaceuticals is not impacted by the settlement.

The U.S. Food and Drug Administration in December approved the first generic versions of Wellbutrin XL, which is sold by Biovail and GlaxoSmithKline Plc (GSK.L). The FDA said then it approved Anchen's 150 milligram and 300 milligram tablets of the drug, known generically as bupropion extended release tablets.

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(Additional reporting by Lewis Krauskopf in New York, editing by Dave Zimmerman)

((Reporting by Scott Anderson, editing by Bernadette Baum; scott.anderson@reuters.com; Reuters Messaging: scott.anderson.reuters.com@reuters.net; 416 941-8106)) Keywords: BIOVAIL SETTLEMENT/

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