By Sherri Oslick —

Biovail Laboratories International SRL, a subsidiary of Biovail Corporation, and Watson Pharmaceuticals, Inc., have announced that they have reached a settlement agreement in Biovail’s lawsuit against Andrx Pharmaceuticals, Inc., a subsidiary of Watson.  The lawsuit was filed following a paragraph IV certification as part of Andrx’s filing of an ANDA to manufacture a generic version of Biovail’s Cardizem® LA (diltiazem), which is used to treat hypertension and for the management of chronic stable angina.

Under the terms of the settlement, Watson, which has been awarded an exclusive license to the patents covering Cardizem® LA, will not enter the market until April 1, 2009.  At that time, Biovail will receive a royalty based on Watson’s sales of its generic diltiazem.  Other details of the settlement agreement, which is subject to court approval, have not been disclosed.

For additional information regarding the settlement, please see:

• Biovail’s press release
• Watson Pharmaceuticals’ press release