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|January 07, 2010 12:22 p.m.|
|Teva Announces Settlement Agreements With AstraZeneca Regarding Generic Prilosec® and Nexium®|
|Jerusalem, Israel, January 7, 2010 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today that it has entered into two definitive agreements with AstraZeneca to settle patent litigation regarding Teva's U.S. generic versions of AstraZeneca's Prilosec® (omeprazole) and Nexium® (esomeprazole), including all claims for patent infringement and damages.|
Under the terms of the omeprazole agreement, Teva will obtain a release for all past sales of its generic omeprazole and will continue to market its product in the U.S. and will make a one-time payment to AstraZeneca.
As part of the esomeprazole agreement, AstraZeneca has granted Teva a license, subject to regulatory approval, to enter the U.S. market with its generic esomeprazole delayed-release capsules on May 27, 2014, or earlier in certain circumstances. Additional details were not disclosed.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 15 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative pharmaceuticals and active pharmaceutical ingredients. Over 80 percent of Teva's sales are in North America and Western Europe.