Mylan enters settlement agreement with Forest Laboratories, Merz Pharmaceuticals for Namenda

Mylan Inc. (Nasdaq: MYL) today announced that it has entered into settlement and license agreements with Forest Laboratories and Merz Pharmaceuticals related to Namenda® Tablets, 5 mg and 10 mg, known generically as Memantine Hydrochloride (HCl) Tablets.

Pursuant to the settlement and license agreements, Mylan will have the right to market Memantine HCl in the U.S. on Jan. 11, 2015, or earlier, under certain circumstances. Namenda had U.S. sales of $1.2 billion for the twelve months ending March 31, 2010, according to IMS Health. Additional details of the agreement remain confidential and remain subject to review by the U.S. Department of Justice and the Federal Trade Commission.

Currently, Mylan has 131 ANDAs pending FDA approval representing $92.1 billion in annual brand sales, according to IMS Health. Forty-one of these pending ANDAs are potential first-to-file opportunities, representing $21.4 billion in annual brand sales, for the 12 months ending Dec. 31, 2009 according to IMS Health.

SOURCE Mylan Inc.