POZEN enters Settlement Agreement with Teva over generic Treximet ANDA patent infringement litigation

POZEN Inc.,Apr 15 2010

POZEN Inc. (NASDAQ: POZN), today announced that it has entered into a Settlement Agreement with Teva Pharmaceuticals USA, Inc. (Teva) to resolve a U.S. patent infringement suit related to Teva's filing of an Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration (FDA) to market a generic version of Treximet^® (sumatriptan/naproxen sodium) marketed by POZEN's exclusive U.S. licensee, GlaxoSmithKline. Under the terms of the Settlement Agreement, Teva will be dismissed without prejudice from the consolidated litigation currently pending in the United States District Court for the Eastern District of Texas against Teva, Par Pharmaceutical, Inc., Alphapharm Pty Ltd., and Dr. Reddy's Laboratories, Inc., but will agree to be bound by the outcome of such litigation or any resulting settlements with third parties.

The parties have also agreed to file a stipulation of dismissal and order with the United States District Court for the Eastern District of Texas which will conclude this litigation with respect to Teva. The settlement does not end the ongoing litigation against the other three defendants. Discovery in the litigation is in process and the case is currently scheduled for trial in the fourth quarter of 2010.

In compliance with U.S. law, the Settlement Agreement will be submitted to the U.S. Federal Trade Commission and the Department of Justice where it is subject to review.