Pfizer Inc. has agreed to settle litigation with Canadian generic drug maker Apotex Inc. related to Pfizer’s cholesterol drug Lipitor. No details were provided by Pfizer but the company said the settlement, which is subject to some conditions, was signed in July. Pfizer has been involved in a patent litigation with Apotex to prevent the selling of a generic version of Lipitor in Canada. Apotex was the only current challenger to Lipitor in Canada.
Pfizer recently settled patent-infringement litigation with India’s Ranbaxy Laboratories Ltd. that is intended to keep a generic version of Lipitor off the U.S. market until November 2011. This would be 20 months later than some had expected. The agreement delays Ranbaxy’s generic version of Lipitor and is estimated to be worth billions of dollars in additional sales for Pfizer. For your information, Lipitor sales totaled $12.7 billion in 2007. To qualify as a “blockbuster drug,” a drug has to bring in at least $1 billion annually for a company. So it’s evident Lipitor is tremendously important to Pfizer.
Source: Wall Street Journal
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