| On November 14, 2009, the company entered into two License and Settlement Agreements with Glenmark Generics Ltd. and Glenmark Generics Inc., USA. In connection with the License and Settlement Agreements, the company and Glenmark agreed to terminate all legal disputes between them relating to the company’s VANOS Cream and LOPROX Gel. In addition, Glenmark confirmed that certain of the company’s patents relating to VANOS and LOPROX are valid and enforceable, and cover Glenmark’s activities relating to its generic versions of VANOS and LOPROX Gel under Abbreviated New Drug Applications. Further, subject to the terms and conditions contained in the Vanos License and Settlement Agreement, the company granted Glenmark, effective December 15, 2013, or earlier upon the occurrence of certain events, a license to make and sell generic versions of the existing VANOS products. Upon commercialization by Glenmark of generic versions of VANOS products, Glenmark will pay the Company a royalty based on sales of such generic products. Subject to the terms and conditions contained in the Loprox License and Settlement Agreement, the Company also granted Glenmark a license to make and sell generic versions of LOPROX Gel. Upon commercialization by Glenmark of generic versions of LOPROX Gel, Glenmark will pay the Company a royalty based on sales of such generic products. :theflyonthewall.com |
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