BioDelivery Sciences (NSDQ:BDSI) said today that it inked a deal with Teva Pharmaceuticals (NYSE:TEVA) to settle claims that the generic form of BioDelivery Sciences’ Bunavail buccal film that Teva is trying to bring to market in the U.S. infringes upon several patents owned by the Raleigh, N.C.-based company.
As part of the deal, which was reached in the U.S. District Court for the District of Delaware, BioDelivery Sciences made a non-exclusive license agreement with Teva permitting the pharma company to start selling its generic of the opioid dependence therapy in the U.S. beginning on July 23, 2028.
All other terms of the settlement were kept confidential.
“We are pleased to have resolved this lawsuit with Teva regarding Bunavail, as it provides additional certainty to our patent portfolio, and allows us to move forward while averting future costs associated with this litigation,” vice chairman, president & CEO Mark Sirgo said in prepared remarks.
In August, the company announced that Sirgo plans to retire at the end of the year. He has held the corner office since 2005.