Jan 20 (Reuters) - Generics company GeoPharma Inc GORX.O said it has settled a patent suit with Schering-Plough Corp SGP.N and Sepracor Inc SEPR.O relating to its generic version of allergy drug Clarinex.
Under the settlement, GeoPharma can commercially launch its generic product, with 6 months marketing co-exclusivity, on July 1, 2012, or earlier in certain circumstances.
The new product launch may be a prescription or over-the-counter product depending on its status at the time of launch, GeoPharma said in a statement.
Financial terms of the settlement were not disclosed.
Schering-Plough reported $176 million in global sales of Clarinex for the third quarter.
Shares of GeoPharma closed at 65 cents Friday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anil D’Silva)