Business Irish

Thursday 21 August 2014

Pfizer gets $2.15bn in settlement over drug patent

Published 12/06/2013 | 14:45

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Pfizer employs about 3,200 people at six sites in Ireland
Pfizer employs about 3,200 people at six sites in Ireland

DRUGS giant Pfizer has accepted a $2.15bn settlement to end its decade-long patent dispute with Teva and Sun Pharmaceuticals over the sale of generic drug Protonix.

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The international pharmaceutical company, which is Ireland’s biggest employer in the sector, announced that it has said it was “pleased” with the amount and will split the settlement with its partner Takeda.

Israel’s Teva and Mumbai-based Sun admitted to patent infringement and agreed to pay $1.6bn and $550m respectively to compensate Pfizer for loss of earnings.

Protonix (pantoprazole), used for gastroesophageal reflux, was acquired by Pfizer in 2009, over a year after Teva and Sun had been marketing a generic version of the drug.

 

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