Purdue Pharma announces agreement to end OxyContin patent lawsuit with Teva Pharmaceuticals

Purdue Pharma L.P. of Stamford, Connecticut and Teva Pharmaceuticals USA, Inc. of North Wales, Pennsylvania have agreed to end their lawsuit concerning certain Purdue Pharma patents on OxyContin (oxycodone HCl controlled-release) Tablets.

Under the terms of the settlement agreement, Teva will cease selling its infringing oxycodone products at a future date and Purdue Pharma will not pursue damages against Teva for past infringement. The settlement agreement is subject to certain contingencies, including review by the United States antitrust agencies and the United States District Court for the Southern District of New York.

"We are pleased that Teva will respect our invention of an important medicine. I believe we would have prevailed in our lawsuit and the court eventually would have ordered Teva to stop selling its infringing product. Because of today's agreement, we no longer have to wait for a trial, and possible appeals, in order to secure the result provided in the agreement. We have avoided the risks, uncertainty and costs of continued litigation," said Michael Friedman, President and CEO of Purdue Pharma, in announcing the end of the lawsuit.

"Our first commitment is and always will be to serve both physicians and patients with innovative prescription and non-prescription products. In service of that commitment, we will continue to protect our important inventions against all infringers," Mr. Friedman concluded.

Purdue Pharma has filed infringement actions to protect its OxyContin patents against other companies. On February 1, 2006, the United States Court of Appeals for the Federal Circuit ruled the Purdue patents to have been infringed by extended-release oxycodone products sold by Endo Pharmaceuticals Inc. of Chadds Ford, Pennsylvania.