Mylan, Novartis reach agreement on Femara generic

PITTSBURGH Mylan and Novartis have reached a settlement concerning Mylan's generic version of the breast cancer drug Femara, Mylan announced Tuesday.

"We are very pleased to have reached this agreement, which demonstrates our ability to once again bring to market high-quality, affordable medications for the patients who need them the most," Mylan chief executive officer and vice chairman Robert Coury said in a statement.

Under the agreement, Mylan will market a licensed generic version of Femara (letrozole) tablets in the 2.5 mg strength before the expiration of Novartis' patent on the drug, United States Patent No. 4,978,672. The agreement is subject to review by the Department of Justice and the Federal Trade Commission.

The drug had sales of about $470 million in the 12 months ending Sept. 30.