Sign up USA
Proactive Investors - Run By Investors For Investors

Pfizer reaches $2.2 bln settlement in Protonix patent case

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.



Register here to be notified of future PFE Company articles
View full PFE profile

Pfizer Timeline

Article
November 23 2015

Related Articles

antibiotic.jpg
March 02 2016
In all 1,200 patients will take part in the global trials run by Motif’s partner Covance.
Cancer
May 02 2016
As UK biotechs are beating a trail to the US craving greater understanding and higher valuation, Doerfler and his team have opted to go in the opposite direction.
AZN2.jpg
November 15 2016
Silence is a platform technology company operating in a key area for the future of medicine - Canaccord Genuity.
Copyright © Proactiveinvestors.com, 2016. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC