April 2, 2012 / 12:37 PM / 6 years ago

UPDATE 1-Forest buys hypertension drug rights from J&J

April 2 (Reuters) - Forest Laboratories Inc said on Monday it has acquired the intellectual property rights to hypertension drug Bystolic from Johnson & Johnson’s Janssen unit for $357 million cash, eliminating the need to pay future royalties.

Forest and J&J have also terminated the licenses in Canada for Bystolic and Savella, a treatment for fibromyalgia. Forest said it has established a Canadian subsidiary that will take over commercialization of both products.

Last month Forest and Janssen Pharmaceutica NV filed suit against several companies alleging infringement of a Bystolic patent that expires in December 2021.

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