NEW YORK (Reuters) - Mylan Inc (MYL.N: Quote, Profile, Research) said on Wednesday it had launched generic versions of GlaxoSmithKline PLC's (GSK.L: Quote, Profile, Research) Paxil CR antidepressant, and its shares rose 2.6 percent.

Last October, Mylan announced a patent settlement with Glaxo over the drug, in which Mylan gained patent licenses and the right to market generic versions of all three dosage strengths beginning no later than October this year.

The three strengths of the drug -- known generically as paroxetine hydrochloride extended-release tablets -- had U.S. sales of about $300 million for the 12-month period through March, Mylan said.

Mylan said it would be the lone seller of the generic for 180 days for the 12.5 milligram and 25 mg dosages. Such exclusivity periods are granted to encourage generic drugmakers to challenge weak patents.

Mylan said it also had the right to sell the 37.5 mg strength.

Mylan shares rose 30 cents to $11.70 in morning trading on the New York Stock Exchange. Glaxo shares were unchanged in London.

(Reporting by Lewis Krauskopf, editing by Maureen Bavdek)