Mylan settles Viagra patent litigation with Pfizer

(Reuters) - Drugmaker Mylan N.V said it settled a patent litigation with Pfizer Inc related to Viagra, paving the way for the launch of the drug's generic version in the United States once approved.

Mylan said on Monday that the settlement would allow it to launch Sildenafil Citrate by December 2017, or sooner under certain conditions, subject to approval by the U.S. Food and Drug Administration.

Pfizer's patent for Viagra, used to treat erectile dysfunction, expires in 2020.

Mylan did not disclose other terms of the settlement, citing confidentiality, and added that the settlement and licence agreement was subject to review by the U.S. Department of Justice and the Federal Trade Commission.

Mylan said Viagra had U.S. sales of about $1.3 billion last year according to IMS Health.

Mylan's Sildenafil Citrate is currently sold in 11 European countries.

Pfizer's shares closed down marginally at $35.09, after touching an 11-year high on Monday. Mylan's shares closed down 2.4 percent at $68.56.

(Reporting by Anjali Rao Koppala in Bengaluru; Editing by Savio D'Souza)