UniPharm: Pfizer Israel deliberately foiled the agreement between the companies.
Generic drugs distributor UniPharm Ltd. has filed a NIS 2.6 million lawsuit against Pfizer Inc. (NYSE: PFE; LSE: PFZ) subsidiary Pfizer Pharmaceuticals Israel Ltd. with the Tel Aviv District Court for torpedoing an agreement under which UniPharm would market Pfizer’s anti-cholesterol drug Lipitor.
Under the September 2005 agreement, UniPharm would pay Pfizer a fixed commission on Lipitor sales in Israel and the Palestinian Authority. The agreement would come into effect only after the Antitrust Authority or the Restrictive Trade Practices Tribunal approved the deal by March 2006. Unipharm claims that Pfizer Israel violated its contractual agreement to obtain this permit by deliberately foiling this clause of the agreement.
Published by Globes [online], Israel business news - www.globes.co.il - on April 29, 2007
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