CORONA, Calif., Dec. 6 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals,
Inc. (NYSE: WPI), a leading specialty pharmaceutical company, announced today
that it has reached a settlement with Novartis Pharmaceuticals Corporation,
Novartis Pharma AG, Novartis AG, Novartis International Pharmaceutical Ltd.,
and Proterra AG (collectively "Novartis") on outstanding patent litigation
related to Watson's generic version of Exelon(R) (rivastigmine tartrate)
capsules.
Under the terms of the settlement agreement, Novartis has granted Watson a
license to its U.S. patents covering Exelon(R) for a generic version of
Exelon(R). The agreement generally provides that Watson will not commence
marketing its generic equivalent product until sometime prior to the
expiration of the patents covering Exelon(R). The specific date on which
Watson may launch its generic product and other details concerning the
settlement have not been disclosed. Watson's Abbreviated New Drug Application
for its generic version of Exelon(R) has been tentatively approved by the U.S.
Food and Drug Administration.
Forward-Looking Statement
Any statements contained in this press release that refer to future events
or other non-historical facts are forward-looking statements that reflect
Watson's current perspective of existing trends and information as of the date
of this release. Except as expressly required by law, Watson disclaims any
intent or obligation to update these forward-looking statements. Actual
results may differ materially from Watson's current expectations depending
upon a number of factors affecting Watson's business. These factors include,
among others, the difficulty of predicting the timing and outcome of
litigation; risks that resolution of patent infringement litigation through
settlement could result in investigations or actions by private parties or
government authorities, including the U.S. Department of Justice and /or the
Federal Trade Commission; the difficulty of predicting the timing or outcome
of product development efforts and FDA or other regulatory agency approvals or
actions; and other risks and uncertainties detailed in Watson's periodic
public filings with the Securities and Exchange Commission, including but not
limited to Watson's Annual Report on Form 10-K for the year ended December 31,
2006.
Exelon(R) is a registered trademark of Novartis AG Corporation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO)
SOURCE Watson Pharmaceuticals, Inc.
CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc.,
+1-951-493-5611
Web site: http://www.watsonpharm.com
