MADISON, Miss.--(BUSINESS WIRE)--Jan 25, 2008 - Cypress Pharmaceutical, Inc. today announced that it has reached a settlement with Glaxo Group Limited (Glaxo), part of the GlaxoSmithKline group of companies, resolving all disputes between the companies related to Cypress' generic ranitidine oral solution products and Glaxo's Zantac(R) syrup.
Under the terms of the settlement, Glaxo has agreed not to assert its patent against Cypress' new alcohol-free formulation of its generic ranitidine oral syrup. Cypress expects to launch the product immediately upon receiving FDA approval. As a result of the settlement, the parties filed a stipulation to dismiss their patent litigation pending in the U.S. District Court for the Southern District of New York.
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