Benzinga | Sep 23, 2021 11:12AM EDT

RedHill Settles Movantik Patent Litigation With Aurobindo

* RedHill Biopharma Ltd (NASDAQ: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 (NASDAQ: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.