Alkermes reaches settlement with Teva regarding VIVITROL patent litigation

Alkermes (ALKS) announced that the company entered into a settlement agreement with Teva Pharmaceuticals (TEVA) to resolve the ongoing patent litigation between the parties in the U.S. District Court for the District of New Jersey related to VIVITROL. Pursuant to the terms of the settlement agreement, the company has granted Teva a license under U.S. Patent No. 7,919,499 to market a generic version of VIVITROL in the United States beginning January 15, 2027, or earlier under certain customary circumstances. Additional details regarding the settlement agreement were not disclosed. The company and Teva will submit the settlement agreement for review to the United States Federal Trade Commission and the United States Department of Justice.