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March 13, 2013
15:16 EDTMYLMylan announces Fortamet settlement agreement
Mylan announced that its subsidiary, Mylan Pharmaceuticals, has entered into a settlement agreement with Shionogi and Andrx that will resolve patent litigation related to Metformin Hydrochloride Extended-release Tablets USP, 500 mg and 1000 mg. This product is the generic version of Shionogi's Fortamet, and is indicated as an adjunct to diet and exercise to lower blood glucose. Under the terms of the settlement agreement, Mylan may launch a generic version of Fortamet on August 1, or earlier under certain conditions. Pursuant to the agreement, pending litigation will be dismissed. All other terms and conditions of the settlement are confidential, and the agreement itself is subject to review by the U.S. Department of Justice and the Federal Trade Commission.
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11:34 EDTMYLGeneric drug maker Akorn up 4% to $49.80 after Myla offers to buy Perrigo
11:32 EDTMYLMylan proposes to acquire Perrigo for $205 per share
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11:31 EDTMYLPerrigo halted for volatility after jumping 7% to $176.42
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11:29 EDTMYLMylan proposes to acquire Perrigo for $205 per share
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