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Biotech / Medical : IVAX, Generic Giant

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To: Mark A. Stang who wrote (207)	4/1/1998 10:05:00 PM
From: harkenman	of 212

Ivax Corp., Abbott Labs Settle Hytrin-Related Litigation Dow Jones Newswires MIAMI -- Ivax Corp. (IVX) settled its litigation against Abbott Laboratories (ABT) regarding the marketing of terazosin hydrochloride, the generic version of Abbott's Hytrin product. In a press release Wednesday, Ivax said it agreed to dismiss its unfair competition and other business tort and declaratory judgement claims against Abbott. Abbott agreed to pay Ivax $6 million per calendar quarter until the earlier of the expiration of an Abbott patent scheduled to expire on Feb. 17, 2000, or the market introduction of a generic version of terazosin hydrochloride by any person other than Ivax. The payments are scheduled to begin July 15, and Ivax received one-half of the initial quarterly payment upon signing of the settlement agreement. Upon expiration of the patent or market introduction of a generic version of terazosin hydrochloride, Ivax may market terazosin hydrochloride free from claims of patent infringement by Abbott, Ivax said. Ivax's Zenith Goldline Pharmaceuticals unit currently has an Abbreviated New Drug Application for terazosin hydrochloride pending before the Food and Drug Administration. Ivax is a holding company with core units that research, develop, manufacture and market generic and branded pharmaceuticals. interactive4.wsj.com

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