Healthcare Industry News: Teva Pharma
News Release - November 21, 2006
Pfizer Announces Settlement With Teva on Patents Covering Cancer Medicine and Antibiotic
NEW YORK, Nov. 21 (HSMN NewsFeed) -- Pfizer announced today that it has reached a comprehensive agreement with generic drug manufacturer Teva that resolves two separate lawsuits alleging patent infringement of Pfizer's cancer medication, Idamycin, and its antibiotic, Zithromax. As part of the settlement, Teva will pay up to $70 million to Pfizer, which includes an option in 2007 for Teva to sell its own generic version of epirubicin, another cancer medication, prior to the August 2007 patent expiry. In addition, Teva will not contest the validity of the patents.The agreement will end litigation by Pfizer against Teva and Sicor, a company owned by Teva, over Sicor's sales of idarubicin (the active ingredient in Idamycin) and Teva's sale of azithromycin (the active ingredient in Zithromax). Under the agreement Sicor will be able to continue to market idarubicin, which it launched prior to patent expiry in September 2002, and Teva can continue to sell its generic version of Zithromax.
Source: Pfizer
Issuer of this News Release is solely responsible for its
content.
Please address inquiries directly to the issuing company.
