Wyeth, Impax Settle Effexor XR Patent Suit

Wednesday, Wyeth and Impax Laboratories Inc. have announced that all conditions of a settlement of the U.S. patent infringement litigation pertaining to Impax's proposed generic capsule formulation of Wyeth's EFFEXOR XR antidepressant have been approved by the United States District Court for the District of Delaware. The Court entered a consent judgment resulting in termination of the litigation effective July 16. Under the terms of the settlement, Wyeth has granted Impax a license that would permit Impax to launch its capsule formulation of Effexor XR on or after June 1, 2011, subject to earlier launch in limited circumstances, but in no event earlier than January 1, 2011. Impax will pay Wyeth a royalty on sales of the generic product. The parties also have agreed that Impax will utilize its neurology-focused sales force to promote a product to be named by Wyeth. Other terms of the agreement were not disclosed. Wyeth closed Wednesday's regular trading session at $48.29, down $0.27 or 0.56%. By Ms.Bobby Aanand, Metropolitan Jury.

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