MORRISTOWN, N.J., July 1 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI ) announced today that, under a settlement with Novartis Pharmaceuticals Corporation, Novartis Pharma AG, Novartis AG, Novartis International Pharmaceutical Ltd., and Proterra AG (collectively "Novartis"), Watson has commenced shipment of a generic version of Exelon® (rivastigmine tartrate) 1.5mg, 3mg, 4.5mg and 6mg capsules. Exelon® is used to treat dementia (a brain disorder that affects the ability to remember, think clearly, communicate, and perform daily activities and may cause changes in mood and personality) in people with Alzheimer's disease.
Under the terms of the settlement agreement announced on December 6, 2007, Novartis granted Watson a license to its U.S. patents covering Exelon® for a generic version of Exelon®. Further details concerning the settlement have not been disclosed. Watson's Abbreviated New Drug Application for its generic version of Exelon® was approved by the U.S. Food and Drug Administration on January 8, 2008.
For the twelve months ending April 30, 2010, Exelon® had total U.S. sales of approximately $425 million according to IMS Health data.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is a leading global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has