Teva and Purdue agree OxyContin litigation settlement
Israeli drugmaker Teva Pharmaceutical says it has signed an agreement with Purdue Frederick to settle the pending patent infringement litigation pertaining to Teva's generic version of the pain management drug OxyContin (oxycodone HCl), which was due to be heard in the US District Court for the Southern District of New York.
The agreement, which extends to certain Purdue affiliates, calls for Teva to cease selling its oxycodone products at a future date based on certain contingencies, and is due to be submitted to the US Federal Trade Commission and the Antitrust Division of the Department of Justice. Further details of the settlement are confidential and are subject to a review by the two federal agencies, as well as to the approval of the District Court.
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