Teva Pharmaceuticals and US giant Wyeth are nearing a settlement in patent litigation over the latter’s antidepressant Effexor XR (venlafaxine extended release), with the Israeli firm noting that it “has agreed on the principle terms.”
No further details were proffered, but Wyeth will have certainly been fighting its corner as Effexor is one of the leading lights in its pipeline, with sales up 7% during the second quarter to $889 million [[21/07/05a]]. Wyeth says it is now the world’s number one-selling antidepressant.
No further details have been unveiled, although Teva did say that agreements are being drafted in preparation for submission to the US Federal Trade Commission. The settlement must also be approved by the US District Court in New Jersey.