Wyeth and Impax Announce Final Settlement of Effexor XR Patent Suit-- Federal Court Enters Consent Judgment Terminating Litigation --
MADISON, N.J., July 16, 2008 /PRNewswire-FirstCall/ -- Wyeth and Impax Laboratories Inc. today 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(R) 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 today.
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 this 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 this agreement are confidential and were not disclosed.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and pipeline products; government cost- containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; emerging data on our products and pipeline products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2007, which was filed with the Securities and Exchange Commission on February 29, 2008. The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
CONTACT: Media Contact: Douglas Petkus, +1-973-660-5218; Investor Contact:Justin Victoria, +1-973-660-5340, both of Wyeth
Ticker Symbol: (NYSE:WYE)
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Posted: July 2008