Solvay says FDA clears mental disorder drug Luvox

Feb 28 (Reuters) - Belgian drug maker Solvay Pharmaceuticals (SOLB.BR) said the U.S. Food and Drug Administration approved its mental disorder drug, Luvox, for treatment of social anxiety disorder and obsessive compulsive disorder in adults.

Under an agreement with Jazz Pharmaceuticals (JAZZ.O), the U.S. company has to pay Solvay Pharmaceuticals $20 million as a result of the approval of the extended-release capsules.

Solvay Pharmaceuticals also said in a statement it will transfer ownership of the new drug application for Luvox to Jazz. (Reporting by Varsha Tickoo in Bangalore; Editing by Anil D'Silva)