Northern Ireland pharmaceutical firm Galen has sold exclusive rights in the United States and Canada for its Loestrin and Loestrin FE oral contraceptive products to Barr Pharmaceuticals for $45 million (€37.08 million).
Under the terms of a second deal, Barr has granted Galen an option to acquire an exclusive license for Barr's generic version of Galen's Ovcon 35 oral contraceptive for $1 million.
If Galen exercises the option, it will pay a further $19 million.
Galen said both companies continue to negotiate a settlement over a legal dispute involving Galen's femhrt hormone therapy and Estrostep oral contraceptive products.
If completed, the deal would allow Barr Laboratories to launch generic versions of those products under the terms of a non-exclusive license six months prior to patent expiry.
AFP