ALLEGAN, Mich. Perrigo on Thursday announced that the company’s partner on store-brand omeprazole (the generic equivalent to Procter & Gamble’s Prilosec OTC) has settled its patent litigation with AstraZeneca, the original holder of the omeprazole patents.
While terms and conditions of the agreement have not been disclosed, the amicable settlement and dismissal with prejudice of the litigation will allow for commercialization of the product once Perrigo-partner Dexcel Pharma receives final regulatory approval from the Food and Drug Administration.
Perrigo should be in a position to launch the product by the end of first quarter 2008, the company stated.
Under terms of an agreement between Dexcel and Perrigo, Perrigo will be the exclusive marketer and distributor for the store brand omeprazole. Perrigo expects full-year annual sales for the product to be in the range of $150 million to $200 million.
Prilosec OTC is indicated for the treatment of frequent heartburn and had estimated annual sales of approximately $750 million in all outlets, Perrigo reported.