Shire settles patent dispute with Teva

Shire reaches settlement in drug patent dispute with Teva Pharmaceuticals

Associated Press

PHILADELPHIA (AP) -- Shire LLC said Friday that it has settled its patent dispute with Teva Pharmaceuticals USA Inc. over Teva's efforts to sell a generic version of its drug used for treatment of attention deficit hyperactivity disorder.

The settlement allows Teva to market a generic version of Shire's Intuniv extended release tablets or generic versions supplied by Shire. The license takes effect after a 180-day exclusivity period granted to another drugmaker, Actavis, expires.

Actavis is expected to begin marketing a generic product in late 2014.

Shire took legal action against both companies in 2012 and already settled with Actavis. As part of the settlement announced Friday, Teva has confirmed that its proposed generic products infringe on two of Shire's patents.

The agreement has been submitted to the U.S. Federal Trade Commission for its review.

Shire, based in Ireland, makes a number of drugs used to treat ADHD, including its former blockbuster Adderall XR. That was its top-selling product before competition began to erode it price and sales. The company has since come out with other drugs in an attempt to capture more market share.

It also has reached other settlements in the past with Teva to manage its use of generic versions of its drugs.

In afternoon trading, Shire shares added 12 cents to $98.89, while Teva shares slipped 47 cents to $38.36.

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