Sun Pharmaceuticals, Teva to pay $2.15 bn to Pfizer, Takeda - Indian Express

PTI : New Delhi, Wed Jun 12 2013, 22:30 hrs India's Sun Pharmaceuticals and Israel's Teva will pay a sum of USD 2.15 billion to Pfizer and Takeda as part of patent infringement settlement for acid reflux medicine Protonix in the US. "Under the terms of the settlement, Teva and Sun will pay a total of USD 2.15 billion to compensate Pfizer's subsidiary Wyeth and Takeda for the damages they suffered when Teva and Sun launched 'at-risk' generic versions of Protonix prior to the January 2011 expiry of the patent for pantoprazole, the active ingredient in Protonix," Pfizer said in a statement. STOCK MARKETS LINKS * BSE Sensex * NSE Nifty * Top Gainers/Top Losers * Top Value * Top Quantity * Best Performing Mutual Funds As part of the agreement, Teva will pay Pfizer and Takeda USD 1.6 billion and Sun will pay USD 550 million, it added. "Teva will pay USD 800 million in 2013 and the remaining USD 800 million by October 2014; Sun's entire payment will be made in 2013," the company said. Both Teva and Sun have admitted that their sales of generic pantoprazole infringed the patent that was held valid by a jury in New Jersey federal court. Reacting to the development, Sun Pharma said: "Under the terms of the litigation settlement between Sun Pharma, and Wyeth, (now a division of Pfizer Inc.,) and Altana Pharma AG, (now known as Takeda GmbH) the parties have dismissed all their claims. Sun Pharma will pay a lump-sum USD 550 million as a part of this settlement." In 2005, Wyeth and Altana had filed a patent infringement suit against Sun Pharma after the Indian firm filed its abbreviated new drug application for pantoprazole. Sun Pharma launched its generic pantoprazole in the US on January 30, 2008. In April 2010, a jury had determined that Altana's patent was valid. ... contd. ALSO READ Apollo Tyres to acquire US-based Cooper Tire & Rubber for Rs 14,500 cr Weeks after William S Pinckney's arrest, Amway India invests Rs 400 cr, to create 475 jobs Govt to sell 9.33% stake in MMTC tomorrow, may get Rs 300 cr Fitch revises India outlook to stable from negative Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGv4_7aZV4xarcUr6GeUgyHfbo1Sg&url=http://www.indianexpress.com/news/sun-pharmaceuticals-teva-to-pay--2.15-bn-to-pfizer-takeda/1128256/

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