Drugmaker Mylan Laboratories Inc has settled patent litigation with GlaxoSmithKline Plc over the anti-depressant Paxil CR.
According to reports yesterday, Mylan will get patent licenses and the right to market generic versions of the drug starting next October. GlaxoSmithKline has already lost the nausea drug Zofran and the antidepressant Wellbutrin XL to generic competition.
The drug, known generically as paroxetine hydrochloride extended-release tablets, had U.S. sales of $342 million for the year through June, Mylan said.
Paxil CR is an improved formulation of Paxil, and was developed by Glaxo and UK company SkyePharma PLC. Sales of Paxil CR came to $154 million in the first half of 2007.
All litigation between the companies over the product will be dismissed, according to Mylan.
In London trading, Glaxo shares rose 21 pence, or 1.7 percent, to £12.60 ($25.59). SkyePharma shares rose 1.25 pence, or 8.3 percent, to 16.25 pence (33 U.S. cents).
October 24, 2007
Related Links
Mylan
GlaxoSmithKline
SkyePharma