WOODCLIFF LAKE, N.J., May 10 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that its partner, Glenmark Generics Limited and Glenmark Generics Inc., USA, has entered into a settlement agreement with Merck & Co. Inc. that resolves patent litigation related to Glenmark's challenge to Merck's patent covering ZETIA® (ezetimibe). This settlement effectively ends the lawsuit involving a challenge by Glenmark which sought to launch a generic version of ZETIA before the April 2017 expiration of the patent exclusivity covering ZETIA. Specifically, Glenmark challenged Merck's basic compound patent, RE 37,721 (the "'721 patent") on numerous grounds.
On May 3, 2010, Par announced that it acquired the exclusive rights to market, sell and distribute generic ZETIA (ezetimibe) in the U.S. from Glenmark Generics Limited. The companies will share in profits from the sales of the product.
Under the agreement, Par will be able to launch the product on December 12, 2016 or earlier under certain circumstances, ahead of the April 25, 2017 expiration of Merck's patent exclusivity for ZETIA.
The settlement agreement is subject to review by the Federal Trade Commission, the U.S. Department of Justice, and the Attorney General for the State of New Jersey.
About Par Pharmaceutical Companies, Inc.
Par Pharmaceutical Companies, Inc. is a U.S.-based specialty pharmaceutical company. Through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets high barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.
Safe Harbor Statement
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.
SOURCE Par Pharmaceutical Companies, Inc.