All patent disputes between the companies over three generic drugs have been resolved. Teva will pay Pfizer up to $70 million.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today announced that it has signed an agreement with Pfizer Inc. (NYSE:PFE; LSE:PFZ) for the sale of generic versions of Pfizer’s idarubicin, azithromycin, and epirubicin. Idarubicin is a cancer treatment and azithromycin is an antibiotic.
The agreement resolves all outstanding patent litigation filed by Pfizer subsidiary Pharmacia against Teva subsidiary Sicor over Sicor's sales of generic idarubicin, and all patent litigation brought by Pfizer over Teva's sale of generic azithromycin. Teva acquired Sicor in 2004. Teva will continue to market its generic versions of idarubicin and azithromycin.
Teva added that it agreed pay Pfizer up to $70 million, which includes an option in 2007 for Teva to sell its own generic version of epirubicin prior to the August 2007 patent expiry.
If the case had gone to court, and Teva lost, it might have incurred far heavier losses amounting to hundreds of millions of dollars.
Published by Globes [online], Israel business news - www.globes.co.il - on November 21, 2006
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