Medicis Pharma (MRX) Enters Agreement with Novartis' (NVS) Sandoz, Terminating All Legal Disputes Related to SOLODYN®
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In a Form 8-K filed last night, Medicis Pharmaceutical Corporation (NYSE: MRX) announced that it entered into an agreement with Sandoz, Inc., a division of Novartis AG (NYSE: NVS). In connection with the Settlement Agreement, the Company and Sandoz agreed to terminate all legal disputes between them relating to SOLODYN® (minocycline HCl, USP) Extended Release Tablets.
In addition, Sandoz confirmed that the Company’s patents relating to SOLODYN® are valid and enforceable, and cover Sandoz’s activities relating to its generic SOLODYN® product under Abbreviated New Drug Application No. 90-422, agreed that any prior sales of its generic SOLODYN® product were not authorized by the Company and further agreed to be permanently enjoined from any further distribution of generic SOLODYN®. The Company agreed to release Sandoz from liability arising from any prior sales of its generic SOLODYN® which were not authorized by the Company. Sandoz has the option to market its generic version of SOLODYN® 45mg, 90mg and 135mg under the SOLODYN® intellectual property rights belonging to the Company commencing in November 2011, or earlier under certain conditions.
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