|View printer-friendly version|
|October 16, 2006 1:59 p.m.|
|Teva Announces Oxycontin® Litigation Dismissed; Settlement With Purdue Finalized|
Jerusalem, Israel, October 16, 2006 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today that patent infringement litigation pertaining to Teva's generic version of Purdue's OxyContin® (oxycodone HCl extended-release) Tablets has been dismissed by the United States District Court for the Southern District of New York pursuant to a settlement between Teva and The Purdue Frederick Company and certain of its affiliates. The full terms of the settlement will become effective today and are consistent with the terms previously disclosed by the parties on August 29, 2006. The settlement, which provides for a full release of Teva, as well as its distributors, purchasers, and patients, calls for Teva to cease selling its oxycodone products at a future date upon certain contingencies. Teva anticipates continued sales of its generic version of OxyContin® at least through March 31, 2007. Additional terms of the settlement agreement were not disclosed.