Perrigo announced that it has received final approval from the U.S. Food and Drug Administration for its store brand OTC equivalent of Nexium 24HR (esomeprazole magnesium) capsules.
The company also announced that it has reached a settlement of patent litigation with AstraZeneca, allowing for its store brand capsules to launch at the end of next month. The OTC Nexium 24HR equivalent will be packaged and marketed as a store brand or retailer own label brand. Nexium 24HR capsules are indicated to treat heartburn that occurs two or more days a week. Approximate annual retail sales for the last 12 months were in excess of $300 million.
“This final approval and upcoming launch demonstrates the tremendous capabilities of our leading store-brand OTC platform,” said Perrigo EVP and president of Consumer Healthcare Americas Jeff Needham. “We are eager to finalize launch plans with our retail and wholesale partners to bring this major new product to consumers. Important product launches like the store brand equivalent of Nexium 24HR capsules are what drive the Perrigo advantage by providing our customers with high quality, value alternatives in important treatment categories."