Schwarz Pharma To Pay $50M To Settle Patent Suit Over Prilosec

Law360, New York (June 24, 2004, 12:00 AM EDT) -- In a patent settlement that has taken many observers by surprise, drug maker Mylan Laboratories Inc. will receive nearly $38 million from German rival Schwarz Pharma AG to end the companies’ litigation over heartburn medicine Prilosec.

Mylan said Friday it and Schwarz had settled patent lawsuits and that Schwarz would pay a total of $50 million to Mylan and a subsidiary, as well as a development partner in Spain, Esteve Quimica SA.

Mylan's portion of the settlement will be $37.8 million, the company said.

Mylan and...
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