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BRIEF-Hikma enters into settlement agreement with Jazz
April 6, 2017 / 6:20 AM / 4 months ago

BRIEF-Hikma enters into settlement agreement with Jazz

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.newsroom@thomsonreuters.com)

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