Par Pharmaceutical, Inc. Announces Agreement With Unimed Pharmaceuticals, Inc. To Settle AndroGel(R) Patent Litigation

SPRING VALLEY, N.Y., Sept. 13 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX - News) today announced that it has acquired from Paddock Laboratories, Inc. all rights to the Abbreviated New Drug Application (ANDA) for testosterone gel 1%. Testosterone gel 1% is the generic version of AndroGel®, which is marketed in the U.S. by Unimed Pharmaceuticals, Inc., a wholly-owned subsidiary of Solvay Pharmaceuticals, Inc. Par subsequently entered into a settlement and license agreement with Solvay Pharmaceuticals that resolves patent litigation related to AndroGel, eliminating the inherent uncertainty and costs of litigation. The settlement and license agreement terminates all ongoing litigation involving Unimed Pharmaceuticals, Laboratories Besins Iscovesco and Paddock Laboratories, Inc. It also permits Par to launch its generic version of the product no later than February 28, 2016, assuring Par's ability to market a generic version well before the expiration of the patents at issue.