The company gave no reason for its decision.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) on Friday announced, "The company has not relaunched and does not intend to ship additional units of generic Protonix (Pantoprazole Sodium) at this time." The company gave no reason for its reversal on the matter.
In September 2007, the US District Court for the District of New Jersey dismissed Wyeth's (NYSE: WYE) request for an injunction to block Teva's launch of generic Protonix, a treatment for heartburn. In December, Teva therefore decided to make an at-risk launch of the drug, following which it raised its earnings forecasts. However, Teva stopped deliveries after only a few days.
Teva and Wyeth tried to settle their dispute over the drug last month, however Wyeth then launched its own generic version of the drug, breaking the "standstill agreement" between the companies. Teva was then expected to announce its own re-launch, but this time will not.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2008
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