MORRISTOWN, N.J. Watson Pharmaceuticals hopes to cash in on an investigational contraceptive developed by the Population Council, the drug maker announced Monday.

Watson has entered a licensing agreement to commercialize the Population Council’s vaginal ring in the United States, Canada and Mexico. The ring, currently in phase 3 clinical trials, combines the hormones ethinyl estradiol and the novel synthetic progestin Nestorone.

“This ring, if approved, will provide women with an important new user-controlled, long-term contraceptive method,” Population Council president Peter Donaldson said in a statement. “We are pleased to be entering into this agreement with Watson, which has made its commitment to women’s health a cornerstone of its business.”

Watson will pay the Population Council an undisclosed licensing fee and milestone payments, as well as royalties if the product is approved.