AstraZeneca does deal with Teva over generic Pulmicort
AstraZeneca has entered into a settlement agreement with Israeli generics giant Teva, allowing the latter to market a generic version of the Anglo-Swedish drug major's blockbuster Pulmicort Respules (budesonide inhalation suspension).
The move is an attempt at damage control to prevent Teva's copy-cat drug from eroding the UK-based firm's profit too severely. The Israeli company will now be able to market generic Pulmicort under an exclusive license from December 15, 2009, and is released from all past litigation.
AstraZeneca will receive from Teva an undisclosed payment "in respect of damages," as well as "significant" royalties on sales, which will reduce if another generic version of the product enters the market. Teva will also concede that AstraZeneca's patent is valid and that its own product infringes upon it. The deal means that a previous agreement, in which AstraZeneca was to allow Par Pharmaceuticals to market a version of the drug, will be discontinued.
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