Teva To Pay Up To $70M To Settle With Pfizer

Law360, New York (November 21, 2006, 12:00 AM EST) -- Pfizer Inc. and Teva Pharmaceutical Industries Ltd. have agreed to settle pending patent litigation over generic versions of Pfizer’s antibiotic Zithromax and its cancer drug Idamycin for up to $70 million, the companies said.

Under the terms of the settlement, Israel-based generics maker Teva will continue to sell its own generic version of both drugs and will have the option to sell a generic version of Pfizer’s cancer drug epirubicin in 2007, prior to the patent expiration date of August 2007.

Teva also agreed that it...
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