Endo Pharmaceuticals Holdings Inc. (ENDP) said that it has reached a settlement with LecTec Corp. (LECT.OB) on outstanding patent litigation between the companies.
Under the settlement, Endo Pharma has agreed to make a one-time payment of $23 million for the exclusive license to these two patents for use in the field of prescription pain medicines and treatment.
LecTec sued Endo Pharma and others in the topical medicated patch business in July 2008 alleging patent infringement of the core structure and composition claims of two of LecTec's patents.
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