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

Related Articles

picture of an affimer
April 03 2017
Avacta has developed an innovative protein-scaffold platform, with potential applications in the life sciences research, diagnostic and therapeutic markets
Paradigm Biopharmaceuticals: Access latest PPT from Proactive's CEO Sessions
Thu
Paul Rennie talked timeline to clinical trial results with investors.
brokerreport.jpg
January 25 2017
Analyst Vadim Alexandre, of the company’s broker Northland Capital, said Wednesday’s update provided “better visibility” on the trial timetable.
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use