Teva Pharma (TEVA) to Pay $70 Million in Settlement with Pfizer (PFE)
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Pfizer (NYSE: PFE) has reached a comprehensive agreement with generic drug manufacturer Teva (Nasdaq: TEVA) that resolves two separate lawsuits alleging patent infringement of Pfizer's cancer medication, Idamycin, and its antibiotic, Zithromax.
As part of the settlement, Teva will pay up to $70 million to Pfizer, which includes an option in 2007 for Teva to sell its own generic version of epirubicin, another cancer medication, prior to the August 2007 patent expiry. In addition, Teva will not contest the validity of the patents.
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