IMPAX (IPXL) Settles Patent Litigation Related to Generic Wellbutrin
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IMPAX Laboratories, Inc. (OTC: IPXL) has settled its patent litigation suit with Biovail Laboratories International (NYSE: BVF) SRL related to IMPAX's version of Bupropion Hydrochloride Extended-Release Tablets, generic of Wellbutrin XL, 150 mg and 300 mg. The settlement was made pursuant to an agreement among the Company, Biovail, a subsidiary of Teva Pharmaceutical Industries Ltd., and Anchen Pharmaceuticals.
The litigation will be dismissed with Biovail granting to Teva an exclusive license to market the IMPAX 300 mg strength product for the period from December 13, 2006 until June 13, 2007, and non-exclusive thereafter. Under their Strategic Alliance agreement, Teva launched IMPAX's 300 mg product in December 2006 pursuant to an exclusivity transfer agreement with Anchen, who was awarded first-to-file exclusivity for both the 300mg and 150mg dosage strengths.
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