April 6 (Reuters) - Hikma Pharmaceuticals Plc:
* Hikma enters into settlement agreement with Jazz
* Enters into settlement agreement with Jazz for sodium oxybate
* Announces that it has entered into a settlement agreement with Jazz Pharmaceuticals Plc
* Settlement that resolves patent litigation related to Jazz’s xyrem® (sodium oxybate) oral solution, 500mg/ml product.
* Under settlement agreement, Jazz will grant Hikma, right to sell an authorised generic of xyrem® in us market commencing on 1 Jan 2023 or earlier under certain circumstances
* Initial term of AG arrangement is six months and Hikma has option to extend AG term for up to a total of five years.
* Jazz has also granted hikma a licence to market generic sodium oxybate pursuant to its anda at end of AG term.
* Hikma will pay Jazz a royalty on net sales of AG product, but will initially retain a meaningful percentage of net sales.
* Royalty rate paid to jazz will increase should AG term be extended beyond one year.
* Specific financial and other terms related to settlement agreement are confidential. Source text for Eikon: Further company coverage: (Bangalore.email@example.com)