Forest Laboratories, Inc. Announces Settlement Agreement with Hetero Labs Ltd. in BYSTOLIC® Patent Litigation
Public Company Information:
NEW YORK--(BUSINESS WIRE)--Forest Laboratories, Inc. (NYSE: FRX) and Forest Laboratories Holdings, Ltd. (collectively, “Forest”) announced today that they have entered into a settlement agreement with Hetero Labs Ltd. and Hetero USA Inc. (collectively, “Hetero”) in patent infringement litigation brought by Forest in response to Hetero’s ANDA seeking approval to market generic versions of Forest’s BYSTOLIC® (nebivolol) tablets. Specifically, under the terms of the settlement agreement and subject to review of the settlement terms by the U.S. Federal Trade Commission, Forest will provide a license to Hetero that will permit it to launch its generic version of BYSTOLIC® as of the date that is the later of (a) three calendar months prior to the expiration of U.S. Patent No. 6,545,040, including any extensions and/or pediatric exclusivities or (b) the date Hetero receives final FDA approval of its ANDA, or earlier in certain circumstances. Similar patent infringement litigation brought by Forest against Alkem Laboratories, Ltd., Indchemie Health Specialties Pvt. Ltd., Glenmark Generics Inc., Watson Pharmaceuticals Inc., Torrent Pharmaceuticals Ltd., Amerigen Pharmaceuticals Ltd., and related companies and subsidiaries, remains pending in a multidistrict litigation established in the U.S. District Court for the Northern District of Illinois.
About Forest Laboratories
Forest Laboratories, Inc. (NYSE: FRX) is a U.S.-based pharmaceutical company with a long track record of building partnerships and developing and marketing products that make a positive difference in people’s lives. In addition to its well-established franchises in therapeutic areas of the central nervous and cardiovascular systems, Forest’s current pipeline includes product candidates in all stages of development and across a wide range of therapeutic areas. The Company is headquartered in New York, NY. To learn more about Forest Laboratories, visit www.FRX.com.
Except for the historical information contained herein, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, the acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products, and the risk factors listed from time to time in Forest Laboratories’ Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and any subsequent SEC filings. Forest assumes no obligation to update forward-looking statements contained in this release to reflect new information or future events or developments.