Par Pharmaceutical signs settlement agreement with Reliant

Par Pharmaceutical Companies, a developer of generic drugs and branded pharmaceuticals, has entered into a settlement agreement with Reliant Pharmaceuticals, a subsidiary of GlaxoSmithKline, that resolves patent litigation related to Reliant’s Rythmol SR product, thereby eliminating the inherent uncertainty and costs of litigation.

Under the terms of the settlement, Par will have the right to introduce a generic version of Rythmol SR on January 1, 2011, or earlier under certain circumstances. Propafenone extended release (ER) capsules are indicated to prolong the time to recurrence of symptomatic atrial fibrillation in patients without structural heart disease.

The use of Propafenone ER capsules in patients with permanent atrial fibrillation or in patients exclusively with atrial flutter or PSVT has not been evaluated. Propafenone ER capsules should not be used to control ventricular rate during atrial fibrillation. The effect of Propafenone ER capsules on mortality has not been determined.

In accordance with the settlement agreement, all ongoing patent litigation between Reliant Pharmaceuticals and Par Pharmaceutical in the US District Court of Delaware has been dismissed.

Par Pharmaceutical Companies develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. In September 2007, Par’s Branded pharmaceuticals business was renamed Strativa Pharmaceuticals.