Reuters: Mergers News: UPDATE 1-Forest buys hypertension drug rights from J&J

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UPDATE 1-Forest buys hypertension drug rights from J&J Apr 2nd 2012, 12:34 April 2 | Mon Apr 2, 2012 8:34am EDT 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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