Teva Unit Enters $10M Settlement With Depomed

Law360, New York (April 8, 2008, 12:00 AM EDT) -- Teva Pharmaceutical Industry Ltd. and a subsidiary reached a $10 million settlement with specialty pharmaceutical company Depomed Inc. on Monday, resolving a suit over Depomed's patented controlled-release drug delivery technology.

Teva has agreed to a one-time $7.5 million payment to Depomed, securing a nonexclusive license for Teva and Ivax to continue to market their generic Glucophage XR product in the U.S. under Depomed's patents.

Depomed will also receive continuing royalty payments from Teva on generic Glucophage sales, capped at $2.5 million.

The agreement ends their pending...
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