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UPDATE 1-Endo and LecTec settle patent dispute

Wed Nov 11, 2009 5:09pm EST

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* Endo to make one-time payment of $23 mln to LecTec

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* Payment for exclusive license to two patents

Nov 11 (Reuters) - Endo Pharmaceuticals Holdings Inc (ENDP.O) said it reached an agreement to settle a dispute with LecTec Corp (LECT.OB) over two patents.

Endo will make a one-time payment of $23 million to LecTec for the exclusive license to these patents, which is for use in the field of prescription pain medicines and treatment, the company said in a statement.

The two patents relate to Endo's Lidoderm skin patch for post-shingles pain, it added.

Shares of the company closed at $22.96 Wednesday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Maju Samuel)

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