Actavis settles patent suit

Actavis (ACT) and Noven Pharmaceuticals agree to settle all outstanding patent litigation related to the former's generic version of Daytrana (Methylphenidate Transdermal System), a CNS stimulant used to treat ADHD.

Noven grants Actavis a non-exclusive royalty-bearing license to market its generic Daytrana beginning September 1, 2015 contingent on ACT receiving FDA approval for the drug.

2013 Daytrana sales in the U.S. were $98M.

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