Mylan Pharmaceuticals Inc. has entered into settlement and license agreement with Pfizer, relating to Venlafaxine Hydrochloride (HCl) Extended Release (ER) Capsules, 37.5 mg, 75 mg and 150 mg, the generic version ofEffexor XR Capsules, a treatment for major depressive disorder. The drug is marketed by Wyeth, which was acquired by Pfizer earlier this year.

Mylan will be granted a non-exclusive license to the relevant patents that would permit Mylan to launch generic Venlafaxine HCl ER Capsules in the U.S. on or after June 1, 2011, “or earlier in limited circumstances,” according to a Mylan statement. Further details of the agreement remain confidential.

Effexor XR had U.S. sales of approximately $2.9 billion for those dosage strengths for the 12 months ending Sept. 30, according to IMS Health.