Watson and Biovail Settle Lawsuit Over Cardizem LA- Watson to Launch Generic Version in April 2009 -
CORONA, Calif., December 04, 2007 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. , a leading specialty pharmaceutical company, announced today that it has reached a settlement with Biovail Laboratories International SRL on outstanding patent litigation against Andrx Pharmaceuticals, Inc., a subsidiary of Watson, related to Andrx's generic version of Cardizem(R) LA (diltiazem extended-release tablets).
Under the terms of the settlement agreement, Biovail has granted Watson an exclusive license to its U.S. patents covering Cardizem(R) LA for a generic version of Cardizem(R) LA. The agreement generally provides that Watson will not commence marketing its generic equivalent product until April 1, 2009. Other details concerning the settlement have not been disclosed.
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, including the U.S. Department of Justice and /or the Federal Trade Commission; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; 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, 2006.
Cardizem(R) LA is a registered trademark of Biovail Laboratories International SRL.
CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc., +1-951-493-5611
Web site: http://www.watsonpharm.com/
Ticker Symbol: (NYSE:WPI)
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Posted: December 2007