Watson Pharmaceuticals, Inc, a leading specialty pharmaceutical company, said it has reached a settlement with Novartis on outstanding patent litigation related to Watson's generic version of Exelon (rivastigmine tartrate) capsules.

Under the terms of the settlement agreement, Novartis has granted Watson a license to its US patents covering Exelon for a generic version of Exelon. The agreement generally provides that Watson will not commence marketing its generic equivalent product until sometime prior to the expiration of the patents covering Exelon.

The specific date on which Watson may launch its generic product and other details concerning the settlement have not been disclosed. Watson's Abbreviated New Drug Application for its generic version of Exelon has been tentatively approved by the US Food and Drug Administration.