Actavis in OxyContin patent settlement; Valeant takeover bid 'on hold'?
US generic major Actavis (NYSE: ACT) has entered into an agreement with privately-held Purdue Pharma to settle all outstanding patent litigation related to Actavis' generic version of the currently marketed abuse-deterrent formulation of OxyContin (oxycodone), a narcotic pain reliever.
Under the terms of the accord, Actavis will be licensed to market a specified number of bottles of its generic OxyContin beginning on January 1, 2014. Launch of Actavis' product is contingent on the company receiving final approval from the US Food and Drug Administration on its Abbreviated New Drug Application for generic OxyContin.
Alternatively, if Actavis is unable to gain FDA approval of its generic OxyContin prior to September 1, 2014, the company will be permitted to launch a specified number of bottles of an authorized generic version of Purdue's abuse-deterrent product beginning in October 2014.
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