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5/29/2012 8:17 AM ET

Mylan Inc. (MYL: Quote) said Mylan Specialty L.P. has entered into a settlement agreement with Sunovion Pharmaceuticals Inc. that will resolve the parties' patent litigation in connection with Mylan Specialty's ANDA for Levalbuterol Hydrochloride (HCl) Inhalation Solution, 0.31 mg/3 mL, 0.63 mg/3 mL, 1.25 mg/3 mL and 1.25 mg/0.5mL.

Levalbuterol HCl is the generic version of Sunovion's Xopenex product.

As per the terms of the settlement, Mylan Specialty is licensed to continue sales of its concentrate product and will have a royalty-bearing license to sell its non-concentrate product upon receiving final approval from the U.S. Food and Drug Administration. The settlement also releases Mylan from payment of the $18 million jury damage award to Sunovion.

Pursuant to the agreement, pending litigation will be dismissed.

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by RTT Staff Writer

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