IN BRIEF / Southland
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Watson Pharmaceuticals Inc., one of the largest generic drug makers, and French drug maker Aventis settled their lawsuit over a 1997 agreement to license and supply the hypertension drug Dilacor.
Corona-based Watson said it expects to receive $60 million in the third quarter from the settlement, according to a statement. Additional terms of the settlement, reached before a jury trial was to begin in U.S. District Court in Los Angeles, were not released.
“We are pleased to have resolved these issues with Aventis and look forward to putting these matters behind us,” said Dr. Allen Chao, Watson’s chairman and chief executive.
Watson, which filed the unfair competition and breach of contract suit in August 1999, had sought to block the manufacture of Aventis’ competing hypertension drug Cardizem CD, now sold through the Canadian drug maker Biovail Corp.
Watson shares rose $1.89 to close at $53.50 on the New York Stock Exchange.
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