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news.Eurand NV has announced that Eurand Inc and UCB have settled long-running litigation concerning a 1999 development, license and supply agreement between the two companies for a sustained-release formulation of methylphenidate hydrochloride.
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The settlement is expected to close by September 5, 2008. UCB will pay Eurand a total of $35 million, of which $25 million will be paid at closing, $5 million, plus interest, at the first anniversary of the closing and $5 million, plus interest, at the second anniversary of the closing.
Upon closing, all claims and counterclaims in the litigation will be dismissed with prejudice.
The methylphenidate hydrochloride sustained-release formulation was co-developed by Eurand and currently marketed by UCB under the brand names Metadate CD and Equasym XL for the treatment of attention deficit hyperactivity disorder.