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September 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Purdue Pharma settles patent infringement suit over OxyContin for $62M

Purdue Pharma has agreed to pay $62 million to resolve a lawsuit claiming that its flagship painkiller, OxyContin, infringed patents held by rival opioid manufacturer Assertio Therapeutics Inc.

Headquartered in Lake Forest, Illinois, Assertio – which up until two weeks ago was known as Depomed Inc. – filed its patent infringement lawsuit in 2013 in federal court in Trenton, New Jersey. The suit alleged infringement by Stamford-based Purdue of certain patents in relation to Purdue’s commercialization of OxyContin.

Under the terms of the agreement, Purdue paid Assertio $30 million in cash on Aug. 28 and will pay another $32 million on Feb. 1, 2019. The agreement resolves all pending claims between the two parties.

“This infusion of cash, coupled with the $20 million we recently received from our royalty sale to PDL BioPharma, further strengthens our balance sheet and improves our financial flexibility as we continue to transform the company,” remarked Assertio President and CEO Arthur Higgins.