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HAYWARD, Calif. — Generic drug maker Impax Labs has settled with Shire Labs over an authorized generic version of a Shire drug for treating attention deficit hyperactivity disorder, Impax said.
Impax began selling its authorized generic version of Adderall XR (dextroamphetamine and amphetamine) in October 2009 under contract with Shire, but the generic drug maker filed suit against Shire in November 2010 for breach of contract and other related claims, alleging that Shire had failed to fill Impax's orders for the drug. Shire responded with a counterclaim concerning Impax's ordering practices under the agreement.
An authorized generic is a branded drug marketed under its generic name at a reduced price, usually under a contract between the branded drug's manufacturer and a third-party company.
Under the settlement, Impax's claims and Shire's counterclaims will be dismissed, and Shire will make a one-time cash payment to Impax of $48 million. Impax will still have the right to sell its products on hand or owed to it under the agreement after the supply agreement expires, in September 2014.