Teva's $1.6B Pfizer Patent Deal Isn't Covered, Insurer Says

By Kurt Orzeck (July 3, 2013, 7:23 PM EDT) -- Illinois Union Insurance Co. sued Teva Pharmaceutical Industries Ltd. in Pennsylvania federal court Wednesday claiming it doesn't have to cover a portion of Teva's $1.6 billion patent infringement settlement with Pfizer Inc. over the acid-reflux drug Protonix, saying it was never properly notified of the suit.

Last month, Pfizer Inc. said it had reached a $2.15 billion settlement with Teva and Sun Pharmaceutical Industries Ltd. to resolve more than nine years of patent litigation over Protonix. Teva will pay Pfizer and licensing partner Takeda Pharmaceutical Co. $1.6 billion and Sun will pay $550 million, putting to rest Pfizer's claim that their...

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