Pfizer are committed to applying science and our global resources to improve health and wellbeing at every stage of life. They strive to provide access to clinically effective and affordable medicines and related healthcare services to the people who need them.
Pfizer reaches $2.2 bln settlement in Protonix patent case
Pfizer (NYSE:PFE) and Japanese partner Takeda have reached a $2.15 billion settlement with Teva Pharmaceuticals Industries (NYSE:TEVA) and India's Sun Pharmaceutical Industries in a patent-infringement case.
The settlement comes after a 10-year legal spat over a generic version of Protonix that was launched in the United States. Pfizer will receive $1.38 billion, or 64 per cent of the award and Takeda will collect the remainder. Teva will pay Pfizer and Takeda $1.6 billion and Sun will pay $550 million.
Pfizer's U.S. patent for Protonix, a drug that treats esophagitis, or acid reflux disease, expired in January 2011. The patent was owned by Nycomed, a Swiss pharmaceutical company acquired by Japanese firm Takeda in 2011. Wyeth, which Pfizer bought in 2009, had a license to Protonix.
Wyeth and Nycomed sued Teva and Sun after the competitors began to sell their generic versions of Protonix in late 2007 and early 2008. A prior injunction against the Teva and Sun had been thrown out after the two companies received FDA approval to market Protonix in the U.S.
Teva fell 33 cents to $39.50, while Pfizer rose 31 cents to $28.73 on Wednesday morning.