January 20, 2009 / 12:51 PM / 10 years ago

UPDATE 1-GeoPharma settles patent suit for generic Clarinex

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.

In December, Schering settled suits related to Clarinex with generic firms Dr Reddys Laboratories Ltd (REDY.BO) and Lupin Ltd (LUPN.BO).

Shares of GeoPharma closed at 65 cents Friday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anil D’Silva)

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