US company Mylan Laboratories has reached a final agreement with Bristol-Myers Squibb, which resolves all disputes between the companies related to buspirone.
Under the terms of the agreement, Mylan received $35 million (€32.8m) and non-exclusive, paid-up, royalty free, irrevocable licenses under any applicable BMS patents to manufacture, market and sell buspirone in the United States.
"We are pleased to have resolved our dispute with BMS and bring closure to this issue," said Robert J. Coury, vice chairman and CEO of Mylan Laboratories.
Mylan Laboratories develops, manufactures and markets generic and proprietary prescription products. Mylan has two operating segments that market a line of generic and branded products through four business units: Mylan Pharmaceuticals, Mylan Technologies, UDL Laboratories and Bertek Pharmaceuticals.