Galen Holdings has signed a letter of intent with Barr Laboratories removing the patent risk over three of its four products.
The pharmaceutical company has also agreed to sell the US and Canadian rights for its oral contraceptive product Loestrin.
Both deals combined are thought to be worth $45m to the Coleraine-based firm.
In the first part of the deal, Barr has agreed to withdraw its patent challenges to the Estrostep and
femhrt products in return for entry into the market six months before the end of the patents in late 2007
and late 2009 respectively.
Galen has also taken the option to purchase the Barr Ovcon ANDA if and when approved, protecting its market for a further five years. Galen will make a $1m (€890,000) payment at the time Barr grants the option and $19m (€16.9m) when the exclusive licence agreement is signed.
Analysts believe the removal of the uncertainty surrounding the products will prove a positive result for Galen.