Vadodara-based pharmaceuticals products maker, Alembic Pharmaceuticals Ltd (APL) along with a US-based Breckenridge Pharmaceutical Inc, has settled a patent dispute with Novartis AG regarding Rivastigmine Tartrate Capsules, a generic version of Exelon.
In a statement filed with the Bombay Stock Exchange (BSE), Alembic stated that the company and Breckenridge have settled their paragraph IV patent litigation with Novartis concerning Rivastigmine Tartrate Capsules, a generic version of Exelon by Novartis.
Alembic has also received the US Food and Drug Administration (USFDA) approval for their Abbreviated New Drug Application (ANDA).
"The companies will launch product immediately. Under the terms of the settlement agreement, Novartis has granted Breckenridge and Alembic a license to market a generic version of Exelon before the expiration of US Patent on February 11, 2014," the company statement said on Friday.
Alembic would make the drug, while Breckenridge would market it exclusively in the US.
The product will be available in four strengths, 1.5 mg, 3 mg, 4.5 mg and 6 mg, the company stated.
Rivastigmine Tartrate Capsules is a prescription medicine that is indicated for the treatment of mild to moderate dementia of the Alzheimer's type and for the treatment of mild to moderate dementia of associated with Parkinson's disease. Alembic shares surged on BSE post the announcement on Friday. The company shares traded positive, up by nearly 5 per cent at Rs 53.90 during trading hours.
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