Watson and GlaxoSmithKline Settle Lawsuit Over Wellbutrin Xl(R) |
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By: Watson Pharmaceuticals, Inc. Posted: 2007-02-13 04:39:44 |
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Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, announced today that it has reached a settlement with GlaxoSmithKline on outstanding patent litigation related to Wellbutrin XL(R) (bupropion hydrochloride) extended-release tablets 150mg.
In December 2005, Andrx Corporation filed a patent infringement lawsuit in the U.S. District Court for the Southern District of Florida against GlaxoSmithKline alleging that Glaxo's Wellbutrin XL(R) 150mg product infringed Andrx's U.S. Patent 6,905,708 (the '708 Patent). Watson acquired Andrx in November 2006. Under terms of the settlement, Andrx will receive a one-time payment of $35 million, and has granted GlaxoSmithKline a royalty-bearing license to the '708 Patent. Other terms of the settlement and license are confidential. Forward-Looking Statement Any statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the difficulty of predicting the timing and outcome of litigation; risks that resolution of patent infringement litigation through settlement could result in investigations or actions by private parties or government authorities; and other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report on Form 10-K for the year ended December 31, 2005 and Quarterly Report on Form 10-Q for the period ended September 30, 2006. |
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