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MORRISTOWN, N.J. — The Food and Drug Administration has approved the first and only low-dose oral contraceptive to combine 0.8-mg norethindrone and 0.025-mg ethinyl estradiol in a chewable form, with four 75-mg ferrous fumarate (iron) placebo tablets, Watson Pharmaceuticals has announced.

Watson's new oral contraceptive is positioned as a novel alternative to currently available birth control pills, and the dosing combination and 24-day active hormone regimen is intended to provide users with a low level of breakthrough bleeding and short, light, predictable periods.

DEERFIELD, Ill., and OSAKA, Japan — Takeda and its subsidiary settled the patent suits it brought against generic drug makers that sought to develop their own versions of its diabetes treatment.

PRINCETON, N.J. — A biopharmaceutical company exclusively will develop and commercialize oral formulations of a drug maker's insulins.

Emisphere will be paid $57.5 million in potential product development and sales milestone payments by Novo Nordisk — of which $5 million dollars will be payable upon signing — as well as royalties on sales. Further financial details of the agreement were not disclosed.

NEW YORK — Pfizer on Monday announced that it intends to recall one lot — approximately 19,000 bottles — of Lipitor 40-mg tablets (atorvastatin calcium) distributed in the United States because of one customer’s report of an uncharacteristic odor related to the bottles in which these lots of Lipitor were packaged.

The bottles were supplied by a third-party bottle manufacturer. A medical assessment found that the risk of health consequences to patients appears to be minimal, Pfizer reported.

WESTON, Mass. and ZURICH — In a deal that will bolster its drug development capabilities, Biogen Idec has acquired a subsidiary of Swiss-based Neurimmune Holding AG.

Among other assets, the agreement gives Biogen the worldwide rights to three preclinical immunotherapy programs. The three programs are focused on the discovery and development of novel human antibodies that address three central nervous system targets: alpha-synuclein, tau and TDP-43.

INDIANAPOLIS — One month after announcing it would acquire a leader in molecular imaging development, Eli Lilly announced it has completed its acquisition of Avid Radiopharmaceuticals.

LONDON — An Anglo-Swedish drug maker said it is discontinuing further development of a drug that is designed to prevent a respiratory virus that infects the lungs and breathing passages.

AstraZeneca has requested the withdrawal of its pending biological license application for motavizumab from the Food and Drug Administration. Motavizumab is an investigational monoclonal antibody that could prevent serious respiratory syncytial virus disease.

AstraZeneca said it will incur a financial impairment charge of $445 million in fourth quarter 2010.

ABBOTT PARK, Ill. — Abbott has made a pact with a biopharmaceutical company to develop new cancer treatments by making small-molecule inhibitors.

Under the terms of the agreement, Abbott will provide EpiTherapeutics with an up-front payment and will receive funding of research activities conducted at EpiTherapeutics. The biopharmaceutical company also is eligible, under certain conditions, to receive milestone payments as well as potential royalties on future revenues.