Perrigo Gets FDA Approval For Store Brand OTC Equivalent Of Nexium 24HR

(RTTNews) - Perrigo Company plc (PRGO) said that it has received final approval from the U.S. Food & Drug Administration for the store brand OTC equivalent of Nexium 24HR or esomeprazole magnesium capsules.

The company also announced that it has reached a settlement of patent litigation with AstraZeneca allowing for the store brand OTC equivalent of Nexium 24HR (esomeprazole magnesium) capsules to launch in late September 2017. The product will be packaged and marketed as store brand or retailer 'own label' brand and will provide consumers with a high-quality, value alternative to Nexium 24HR capsules.

Nexium 24HR (esomeprazole magnesium) capsules are indicated to treat frequent heartburn (occurs 2 or more days a week). Approximate annual retail sales for the last 12 months were in excess of $300 million.