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news.Barr Pharmaceuticals and Kos Pharmaceuticals have revealed that they are engaged in discussions to settle the outstanding patent litigation regarding Kos' Niaspan product. Shares in both companies have been boosted by the news, with Kos stock rocketing up by almost 29% and Barr seeing a more modest increase of close to 2%.
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In March 2005, Barr confirmed that Kos had filed a motion in a US District Court seeking to prevent Barr from launching generic versions of Niaspan, a cholesterol-lowering drug that was developed by Kos.
The case is currently before the US District Court for the Southern District of New York. Barr and Kos expect that the court will discontinue and stay all proceedings to allow them to negotiate a definitive settlement agreement.
Barr and Kos will have the right to have the matter reactivated if they do not reach a definitive agreement in their discussions.
Terms and status of the settlement discussions will not be disclosed until a definitive agreement is reached.