Mayne Pharma Group Limited
(ASX:MYX) has announced it has entered into a settlement agreement with Forest Laboratories.
The settlement relates to a patent infringement lawsuit Mayne Pharma filed against Forest in December 2013 regarding Forest’s Namenda XR product.
Namenda XR is used to treat dementia related to Alzheimer’s disease and was launched into the US market in June 2013.
The settlement is expected to result in Mayne Pharma recording additional income of up to US$19.5 million in FY17.
Mayne Pharma Group Limited reported a net profit of $17.9 million at 31 December 2015.
