Oct 3 2009
Caraco Pharmaceutical Laboratories, Ltd. (NYSE Amex: CPD) announced that, as part of the previously announced settlement of the legal proceedings related to Lexapro® (escitalopram oxalate) tablets, it closed an Asset Purchase Agreement ("APA") transaction with Forest Laboratories, Inc. ("Forest") to acquire several products from Forest's Inwood line of business. The ANDA patent litigation settlement resolves litigation involving Caraco, Forest, Forest Holdings, Ltd., and H. Lundbeck A/S and Sun Pharmaceutical Industries Limited ("Sun"). Caraco is a subsidiary of Sun.
As previously disclosed, among other things, with respect to Caraco, the litigation settlement involves the following:
- Forest has agreed to provide licenses to Caraco for any patents related to Lexapro® with respect to the marketing of Caraco's generic version of the product as of the date that any third party generic enters the market with final approval from the FDA other than an authorized generic or the first filer with Hatch-Waxman related exclusivity.
- Forest has reimbursed Caraco for a portion of its attorney's fees related to this litigation.
- Pursuant to the APA, Caraco is taking over the commercialization and sale of several products from Forest's Inwood business. Caraco has paid Forest an advance against royalties and will pay royalties on net sales of these products.
Source:
Caraco Pharmaceutical Laboratories, Ltd.
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