MORRISTOWN, N.J., March 10, 2010 /PRNewswire via COMTEX/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), today announced that it has reached a settlement agreement with Takeda Pharmaceutical Company Limited and Takeda Pharmaceuticals North America resolving outstanding patent litigation related to Watson's generic equivalent version of Actos(R) (Pioglitazone Hydrochloride) 15mg, 30mg and 45mg tablets. Under terms of the agreement, Takeda granted Watson a non-exclusive royalty free license to its U.S. patents covering Actos(R). Under the terms of the agreement, Watson is permitted to launch its generic equivalent version of Actos(R) on August 17, 2012, or earlier under certain circumstances.
Actos(R) had approximately $3.4 billion in brand sales for the twelve months ending December 31, 2009, according to IMS Health. Actos(R) is a once-daily oral prescription medication that, with diet and exercise, has been shown to be effective for the treatment of type 2 diabetes.
Actos(R) is a registered trademark of Takeda Chemical Industries, Ltd.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is a leading global specialty pharmaceutical company. The Company is engaged in the development and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
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, risks that resolution of patent infringement litigation through settlement could result in investigations or actions by private parties or government authorities, including the U.S. Department of Justice and /or the Federal Trade Commission; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions, if any; availability and pricing of third-party-sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson and its third-party manufacturers' facilities, products, and/or businesses; the impact of competitive products and pricing, market acceptance of and continued demand for Watson's products; difficulties or delays in manufacturing; 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 Annual Report on Form 10-K for the year ended December 31, 2009.
SOURCE Watson Pharmaceuticals, Inc.