Watson Pharmaceuticals Inc. said Friday it reached a settlement with Teva Pharmaceutical Industries Ltd. in a patent dispute over the birth control drug Seasonale.
Teva makes Seasonale and Watson makes a generic version of the drug called Quasense.
Under the deal, Teva granted Watson a fully paid-up license to the U.S. patents covering Seasonale and Watson will continue marketing Quasense.
Shares of Watson fell 38 cents to close at $41.99. Shares of Teva, based in Israel, fell $1.43, or 2.4 percent, to close at $57.37.