RedHill Settles Movantik Patent Litigation With Aurobindo

RedHill Biopharma Ltd RDHL has announced a settlement and license agreement with Aurobindo Pharma USA Inc resolving their patent litigation in the U.S.
The litigation was related to Aurobindo's Abbreviated New Drug Application seeking approval by the FDA to market a generic version of Movantik (naloxegol).
RedHill acquired from AstraZeneca plc AZN in April 2020 the global rights to Movantik, excluding Europe and Canada.
Under the settlement agreement terms, Aurobindo may not sell a generic version of Movantik in the U.S. until April 1, 2031.
Related: RedHill Unveils New Movantik Data For Opioid-Induced Constipation.
Price Action: RDHL stock is up 0.21% at $4.76 during the market session on the last check Thursday.