Gilead and Teva settle Viread patent litigation
US biotech firm Gilead Sciences (Nasdaq: GILD), a global leader in the HIV/AIDS drug market, has reached an agreement in principle with Israeli generic drug giant Teva Pharmaceutical Industries (NYSE: TEVA) to settle the ongoing patent litigation concerning the patents protecting Viread (tenofovir disoproxil fumarate), a treatment for HIV infection and chronic hepatitis B.
Under the terms of the settlement, Teva will be allowed to launch a generic version of Viread on December 15, 2017. The drug generated sales of $848.7 million for Gilead in 2012, up 15% on 2011.
"We believe strongly in the validity of our intellectual property," said John Milligan, Gilead's president and chief operating officer, adding: "This settlement, however, removes some uncertainty and minimizes further distraction and investment of human and financial resources associated with this litigation."
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