The two companies have also signed a settlement agreement which will become effective as of now. The agreement is consistent with the terms previously disclosed by the parties on August 29, 2006.
Under the agreement, Teva will cease selling its oxycodone products, the generic form of OxyContin at a future date. Teva anticipates continued sales of its generic version of OxyContin at least through March 31, 2007. Purdue agreed not to file for damages against Teva.
Additional terms of the settlement agreement were not disclosed.
OxyContin tablets are used in the treatment of moderate to severe pain.
Teva Pharmaceutical Industries is headquartered in Israel and develops, manufactures and markets generic and human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products.