Boston, MA 06/20/2014 (wallstreetpr) – Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) continues to file a series of patent infringement lawsuits against various company as it seeks to protect its products from generic competition. It goes without saying that some of these cases result in unnecessary expenses, prompting companies to opt for early settlement as it removes uncertainty regarding timing of generic product launches, as well as considerably reducing litigation costs.
Terms Of The Settlement
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) has already confirmed the settlement of its patent infringement lawsuits for Nuvigil by essentially entering into an agreement with Sandoz. As a result of the settlement, Teva has already issued licenses that allow these companies to market their generic versions of Nuvigil after 180 days of Mylan Inc (NASDAQ:MYL). Launch. Mylan was given the first chance as it had filed an abbreviated new drug application having entered into an agreement with Teva in 2012. Mylan thus has the rights to sell the generic of Nuvigil from Jun 2016.
Actavis plc (NYSE:ACT), on the other hand, has a right of launching its own generic version as of Jun 2016 with Lupin and Apotex required to launch their generic versions 180 days after Actavis. The settlements essentially dismiss a pending appeal that had found a total of 570 patents valid and infringed.
Teva Chairman To Step Down As Board Size Also Reduced
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) chairman Philip Frost is reportedly set to step down from his post before the end of his term next year, as the company looks to overhaul its board. Following the Chairman are Dan Susskind and Dafna Schwartz, who also plan to retire as directors as of the end of the year.
The expected changes are expected to ease concerns by shareholders that the company’s board was extremely big and rife with internal feuds. Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) had pledged to carry out a significant overhaul after its former CEO Jeremy Levin Departed amid a dispute with the board.