Endo And Penwest Settle Opana ER Patent Lawsuit
From Associated Press (April 13, 2010)
NEW YORK -- Two drug companies have settled lawsuits against Teva Pharmaceutical and will allow the Israeli company to begin selling a generic version of their painkiller in less than three years.
Penwest Pharmaceutical Co. and Endo Pharmaceuticals Holdings Inc. had sued Teva’s Barr Laboratories division. Under the agreement, Barr will be allowed to sell a generic version of Opana ER beginning Sept. 15, 2012.
That gives Endo and Penwest more time to sell their branded drug without generic competition, and Barr gets to sell its generic version before patents on the drug expire.
Last year Endo, of Chadds Ford, Pa., and Penwest of Danbury, Conn., agreed to allow Actavis to begin selling a version of Opana in July 2011. Watson Pharmaceuticals is also looking to market a generic version of the drug.
In morning trading, Penwest stock fell a penny to $3.60, and Endo shares lost 15 cents to $23.22.
Shares of Teva Pharmaceutical Industries Ltd. fell 51 cents to $62.66.
Posted: April 2010