Par Pharmaceutical has entered into an exclusive acquisition and pharma licensing agreement with Handa Pharmaceuticals to acquire Handa's Abbreviated New Drug Application for quetiapine fumarate extended-release tablets, the generic version of AstraZeneca's Seroquel XR.
Under the terms of this pharma licensing and marketing agreement, Par has made a payment for the ANDA and for exclusive rights to market, sell and distribute quetiapine fumarate extended-release tablets in the U.S. under the ANDA, subject to its final approval by the U.S. Food and Drug Administration.

Par will receive a share of profits from the sales of the product.

Under the terms of a prior settlement agreement with AstraZeneca, which has been assigned to Par, Par has a license to enter the U.S. market with quetiapine fumarate extended-release tablets on November 1, 2016 or earlier under certain circumstances

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