Fennec Pharmaceuticals (FENC) said Monday it has reached a settlement with Cipla and Cipla USA, resolving patent litigation related to a proposed generic version of its PEDMARK therapy.

Under the agreement, the parties will dismiss the lawsuit, with each side bearing its own legal costs. Cipla also agreed not to launch a generic sodium thiosulfate product in the US until Sept. 1, 2033, unless certain earlier-entry conditions are met.

Pedmark is the first and only therapy approved by the US Food and Drug Administration to reduce the risk of hearing loss associated with cisplatin chemotherapy in pediatric patients with localized, non-metastatic solid tumors, it added.

Shares of Fennec Pharmaceuticals were up 3.8% in Monday trading.

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