EAST BRUNSWICK, N.J. -- Savient Pharmaceuticals, Inc. ("Savient") (NASDAQ: SVNTE), an emerging specialty pharmaceutical company engaged in developing, manufacturing and marketing pharmaceutical products that address unmet medical needs in niche and broader markets, announced today that it has concluded with Barr Pharmaceuticals, Inc. ("Barr") (NYSE: BRL), Organon USA Inc. and Organon (Ireland) Ltd. ("Organon"), business units of Akzo Nobel NV (Nasdaq: AKZOY), an agreement for the settlement of the ongoing patent litigation regarding Barr's generic version of Mircette(R), which Barr markets under the trade name Kariva(R). Under the terms of the transaction Barr will acquire the exclusive rights to Organon's Mircette (Desogestrel/Ethinyl Estradiol) oral contraceptive product.
Under the terms of the transaction, in settlement of the patent litigation and as prepaid future royalties on sales in the United States of Mircette and Kariva, Barr paid Savient $13.75 million, which yields Savient approximately $10.9 million, net of pass-through revenue sharing to the inventor from whom Savient acquired the patents covering Mircette.
Mircette is indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception. Mircette is available in a 28-tablet regimen that represents a combination of desogestrel/ethinyl estradiol and ethinyl estradiol.
About Savient Pharmaceuticals, Inc.
Based in East Brunswick, New Jersey, Savient Pharmaceuticals, Inc. is a specialty pharmaceutical company dedicated to developing, manufacturing and marketing novel therapeutic products that address unmet medical needs. The Company's lead product development candidate, Puricase(R), for the treatment of refractory gout has reported positive Phase 1 and 2 clinical data. Savient's experienced management team is committed to advancing its pipeline and expanding its product portfolio by in-licensing late stage compounds and exploring co-promotion and co-development opportunities that fit the Company's expertise in specialty pharmaceuticals and initial focus in rheumatology. The Company's operations also include a wholly-owned U.K. subsidiary, Rosemont Pharmaceuticals Ltd., which develops, manufactures and markets liquid formulations of prescription pharmaceutical products. Rosemont's product portfolio includes over 90 liquid formulations primarily targeting the geriatric population. Further information on the Company can be accessed by visiting www.savientpharma.com.
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