Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Actavis Reaches Deal With Purdue Pharma To Settle Patent Litigation On OxyContin

RELATED NEWS
Trade ACT now with 
4/26/2013 9:46 AM ET

Actavis Inc. (ACT) announced that it has entered into an agreement with Purdue Pharma to settle all outstanding patent litigation related to Actavis' generic version of the currently marketed abuse-deterrent formulation of OxyContin.

As per the terms of the agreement, Actavis will be licensed to market a specified number of bottles of its generic OxyContin beginning on January 1, 2014. Launch of Actavis' product is contingent upon the Company receiving final approval from the U.S. Food and Drug Administration on its Abbreviated New Drug Application (ANDA) for generic OxyContin.

Alternatively, if Actavis is unable to gain FDA approval of its generic OxyContin prior to September 1, 2014, the company will be permitted to launch a specified number of bottles of an authorized generic version of Purdue's abuse-deterrent product beginning in October 2014.

Actavis anticipates that the agreement will represent more than $100 million in combined gross profit in 2014 and 2015, more heavily weighted to 2014. The agreement is expected to result in a more modest contribution from 2016 through 2019. Other terms of the settlement were not disclosed.

OxyContin had U.S. sales of approximately $2.8 billion for the twelve month period ending January 31, 2013 according to IMS Health.

Register
To receive FREE breaking news email alerts for Actavis Plc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.