Nuvo Research Inc. today announced that it has reached a full settlement with Mallinckrodt Inc. of Nuvo’s claims and Mallinckrodt’s counterclaim relating to Nuvo’s license to Mallinckrodt of the right to market and sell Pennsaid and Pennsaid 2% in the United States. Under the terms of the settlement agreement, Mallinckrodt will return all U.S. rights to Pennsaid and Pennsaid 2% to Nuvo after a brief transition period and pay US$10 million.
“We are pleased to have this issue behind us,” said John London, Nuvo’s President and Co-CEO. “We will seek a new partner to help us maximize the value of the Pennsaid franchise in the U.S.” About Pennsaid Pennsaid is used to treat the signs and symptoms associated with knee osteoarthritis (OA). The drug combines the transdermal carrier (containing dimethyl sulfoxide, popularly known as DMSO) with 1.5% diclofenac sodium, a non-steroidal anti-inflammatory drug (NSAID) and delivers the active drug through the skin directly to the site of inflammation and pain. Pennsaid is currently marketed in the U.S. by Mallinckrodt, in Canada by Paladin Labs Inc. and marketed under license and/or distribution agreements in Greece, Italy and the U.K.