Nuvo Research Settles Pennsaid Litigation With Mallinckrodt Pharma

(RTTNews) - Specialty pharmaceutical company Nuvo Research Inc. (NRI.TO) Monday said it has reached a settlement with Mallinckrodt Inc. (MNK) in the dispute regarding Nuvo's license to Mallinckrodt of the right to market and sell Pennsaid and Pennsaid 2 percent in the United States.

Under the agreement, Mallinckrodt will return all U.S. rights to Pennsaid and Pennsaid 2 percent to Nuvo after a brief transition period and pay $10 million.

John London, Nuvo's President and Co-CEO commented: "We will seek a new partner to help us maximize the value of the Pennsaid franchise in the U.S."