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Friday 25 January 2008
Cypress Pharma, Glaxo Unit Reach Settlement Over Generic Version of Glaxo's Zantac Syrup
Drug developer Cypress Pharmaceutical Inc. said Friday it reached a settlement with a unit of British drug maker GlaxoSmithKline PLC related to a generic version of Glaxo's Zantac syrup to treat symptoms of heartburn.
Privately held Cypress Pharma said Glaxo agreed not to assert its patent against Cypress' new alcohol-free version of ranitidine oral syrup, also known as Zantac syrup.
Cypress said it expects to launch the product immediately upon receiving approval from the Food and Drug Administration.
As a result of the settlement, Glaxo's Glaxo Group Ltd. and Cypress filed to dismiss their pending patent litigation in the U.S. District Court for the Southern District of New York.
Financial terms of the settlement, if any, were not disclosed in the press release.