Pfizer gets $2.15 billion settlement

Drugmaker has settled a patent lawsuit with Teva and Sun Pharmaceutical Industries

Pfizer has settled a $2.15 billion settlement lawsuit with Teva  and Sun Pharmaceuticals. Photo: Bloomberg
Pfizer has settled a $2.15 billion settlement lawsuit with Teva and Sun Pharmaceuticals. Photo: Bloomberg

Pfizer has reached a $2.15 billion settlement with Teva Pharmaceutical Industries and Sun Pharmaceutical Industries after an almost 10- year dispute over the sale of generic Protonix in the US.

Pfizer will receive 64 per cent of the settlement while partner Takeda Pharmaceutical will get the rest, New York-based Pfizer said in a statement today.

Teva’s American depositary receipts fell 3 per cent to $38.94 at 7.58am in New York trading.

The drugmaker had gained 2.6 per cent in the past 12 months before today. Pfizer rose less than 1 per cent to $28.65.

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Bloomberg