Wyeth and Teva Pharmaceutical Industries Ltd. have reached agreement on the principal terms of a settlement of the US patent infringement litigation pertaining to Teva's generic version of Wyeth's Effexor XR antidepressant pending in the United States District Court for the District of New Jersey.

The parties are currently drafting definitive agreements and intend to submit the settlement agreements to the Federal Trade Commission (FTC). The terms of the settlement are confidential and are subject to a number of conditions, including review of the settlement by the FTC and the approval of the District Court, according to a Wyeth release.