Salix Pharmaceuticals (SLXP) Announces Settlement of Pending Litigation Regarding MOVIPREP

August 30, 2010 2:16 PM EDT

Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) announced that Salix and Norgine B. V. have entered into an agreement with Novel Laboratories, Inc. to settle patent litigation currently pending in the U.S. District Court for the District of New Jersey (Civil Action No. 3:08-02311 (FLW)(TJB)) regarding Novel’s proposed generic version of MOVIPREP®.

Pending approval by the court, the parties have agreed to a consent judgment that will result in the dismissal of all claims in the current litigation. The settlement includes a sub-license agreement pursuant to which Salix and Norgine have granted Novel a license to the patents covering MOVIPREP effective no later than September 24, 2018.

Under the terms of a separate supply agreement, Novel will manufacture and supply MOVIPREP to Salix, providing Salix with a domestic supply source.

[SM]

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