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InSite enters settlement agreement over patent infringement lawsuit against Mylan

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InSite Vision and other plaintiffs have entered into a settlement agreement to dismiss a patent infringement lawsuit against Mylan Pharmaceuticals, according to a press release.

Mylan submitted an abbreviated new drug application for marketing approval from the FDA for a 1% azithromycin ophthalmic solution before the expiration of the patents protecting InSite's AzaSite (azithromycin 1%), the release said.

Under InSite's license agreement with Akorn, royalty payable to InSite will increase from 8% to 9% for annual net AzaSite sales of less than $20 million. Royalty on net AzaSite sales between $20 million and $50 million will remain at 12.5%, and royalty on net AzaSite sales greater than $50 million will remain at 15%, the release said.