NEW YORK (CNNMoney.com) -- Teva Pharmaceuticals, the world's biggest manufacturer of generic drugs, has settled a patent infringement case with The Purdue Frederick Company over generic OxyContin, the companies said.

Teva (down $0.67 to $34.69, Charts), based in Jerusalem, said that as part of the settlement it will stop selling generic versions of the painkiller OxyContin "at a future date."

The settlement agreement will be submitted to the Federal Trade Commission and the Antitrust Division of the Department of Justice, Teva said. The settlement still has to be approved by U.S. district court for the Southern District of New York.

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