LAWSUITS NEWS & LEGAL INFORMATION
Diabetic Drug War
This is a settlement for the Trademark, Copyright, Patent lawsuit.
San Francisco, CA: (Apr-07-08) Depomed Inc. brought a lawsuit against Ivax Corp. and its parent, Teva Pharmaceutical Industries in January 2006, alleging that the company infringed on its patents regarding metformin hydrochloride, a drug used as a treatment for diabetes, which is sold by Depomed under the Glumetza name. Ivax, which was acquired by Teva in early 2006 for $7.4 billion, is based in Petach Tikva, Israel.
Sources close to the case stated that the two parties agreed to resolve the patent dispute by entering into a settlement agreement. Under the terms of the deal, Ivax Corp. agreed to pay Menlo Park-based Depomed $7.5 million and ongoing royalties up to $2.5 million more. Additionally, the settlement includes a non-exclusive license that will allow Miami-based Ivax to continue sales of its extended release metformin hydrochloride tablets, which were at the center of the dispute, in the United States. [SAN FRANCISCO BUSINESS JOURNAL: DEPOMED TO GET $7.5 MILLION AND ROYALTIES IN PATENT SETTLEMENT]
Published on Apr-8-08
Sources close to the case stated that the two parties agreed to resolve the patent dispute by entering into a settlement agreement. Under the terms of the deal, Ivax Corp. agreed to pay Menlo Park-based Depomed $7.5 million and ongoing royalties up to $2.5 million more. Additionally, the settlement includes a non-exclusive license that will allow Miami-based Ivax to continue sales of its extended release metformin hydrochloride tablets, which were at the center of the dispute, in the United States. [
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