Covidien announces agreement with Purdue Pharma
Covidien is a global provider of healthcare products - the photo above shows some of the products made by the company - and the subsidiary involved in the agreement is Mallinckrodt Inc. Headquartered in Stamford, Conn., Purdue Pharma is a privately held pharmaceutical company focused on the treatment of pain.
Under the agreement between the two companies, Purdue will grant Mallinckrodt a royalty-bearing license to sell limited quantities of oxycodone hydrochloride extended-release tablets for a limited period of time ending in 2009; as a result, Mallinckrodt expects to begin selling oxycodone hydrochloride extended-release tablets before the end of September 2008, Covidien said.
Purdue said in a press release posted on its website: "According to the agreement, Mallinckrodt acknowledges the validity and enforceability of Purdue's patents and admits that marketing generic versions of OxyContin under its Abbreviated New Drug Application without a license from Purdue would infringe these patents. In exchange, Purdue has agreed to grant Mallinckrodt a royalty-bearing license, ending in 2009, to sell limited quantities of generic versions of 10 mg, 20 mg, 40 mg, and 80 mg extended-release oxycodone tablets."
Covidien's announcement follows the U.S. Food and Drug Administration approval of Mallinckrodt's Abbreviated New Drug Application for oxycodone hydrochloride extended-release tablets in various dosages, which was obtained in July, Covidien said.
Mallinckrodt's oxycodone hydrochloride extended-release tablets are the generic pharmaceutical equivalent to OxyContin.
The agreement is subject to review by federal agencies, Covidien added.
A story in today's Globe noted that Covidien, a healthcare products giant spun out of Tyco International a year ago, is considering buying a 115,000-square-foot building in Mansfield for research and development as well as administrative space. Covidien spokesman Bruce Farmer said the building could provide room for an additional 50 employees. But Farmer said the company does not yet have a firm option or agreement to buy.
(By Chris Reidy, Globe staff)