CORONA, Calif., Oct. 28 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, announced today that its subsidiary Watson Laboratories, Inc. has reached a settlement with Barr Laboratories, Inc. on outstanding patent litigation related to Watson's Oxytrol® (Oxybutynin Transdermal System, 3.9mg/24hr.) product.
On August 19, 2008, Barr submitted an Abbreviated New Drug Application (ANDA) seeking approval to market a generic version of Oxytrol®. Under terms of the settlement agreement, Watson has granted Barr a royalty-bearing license to the U.S. patents covering Oxytrol® to commence marketing a generic equivalent product on April 26, 2015, or earlier in certain circumstances.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc., (NYSE: WPI) is a global leader in the development and distribution of pharmaceuticals with a broad portfolio of generic products and a specialized portfolio of branded pharmaceuticals focused on Urology, Gynecology and Nephrology (Medical).
Any statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the difficulty of predicting the timing and outcome of litigation; risks that resolution of patent infringement litigation through settlement could result in investigations or actions by private parties or government authorities; the impact of competitive products and pricing; and other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Quarterly Report on Form 10-Q for the period ended June 30, 2009.
SOURCE Watson Pharmaceuticals, Inc.
Patty Eisenhaur of Watson Pharmaceuticals, Inc., +1-973-355-8141