Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Medicis shares surge after settlement

The drugmaker says it cuts a deal to end a patent dispute over a generic version of the acne drug Solodyn.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

prescription_pills_drugs.ce.03.jpg
The companies announced a settlement of the patent dispute over a generic version of the acne drug Solodyn.

NEW YORK (CNNMoney.com) -- Shares of Medicis Pharmaceutical Corp. rose more than 25% in midday trading Tuesday, following the settlement of a patent dispute with a competitor.

Late Monday, Medicis (MRX) announced it cut a deal with Impax Laboratories Inc., ending a patent dispute over a generic version of the acne drug Solodyn.

At 12:30 p.m. ET, Medicis shares were up $2.81 to $13.93.

According to the announcement, Impax retains the right to market a generic version no later than November 2011. After launching its drug, the conpanies said Impax will pay Medicis a royalty based on sales.

The companies will also collaborate on research and development of five "strategic dermatology product opportunities," including a more advanced version of Solodyn, according to a statement issued by the companies.

The companies said Impax has agreed that Medicis' patents relating to Solodyn are valid and enforceable. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More
The best gadgets for your next business trip Hotels often lack the resources business travelers need to work efficiently. But fear not: These six gadgets will turn any hotel room into a temporary office. More
Must-have gadgets for business travelers For many business travelers, commuting through airports and enduring flights is the worst part of any trip. Thankfully, these seven gadgets help make life on the road -- and in the air -- much easier. More
Sponsors