KV acknowledges validity of Purdue patents; Receives limited license rights to all strengths of oxycodone controlled-release tablets
ST. LOUIS, KV Pharmaceutical Company (NYSE: KVa; KVb) of St. Louis, MO., today announced it has entered into a settlement agreement with Purdue Pharma L.P. of Stamford, Conn., in regard to the patent infringement lawsuit between the two companies. Under the terms of the settlement agreement, KV Pharmaceutical Company acknowledges that Purdue Pharma's OxyContin(R) patents are valid and enforceable and infringed. In exchange, Purdue will grant KV Pharmaceutical Company certain limited non-exclusive, royalty-bearing, non-transferable rights to sell in the United States generic versions of the drug OxyContin(R) (oxycodone HCl controlled-release) for a limited period of time. The Companies have agreed to continue to discuss the final location for the manufacturing of this product.
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