Pfizer Inc., the world's largest branded drug maker, and Teva Pharmaceutical Industries Ltd., the world's largest generic drug maker, said Tuesday they entered a settlement agreement covering three separate drugs, effectively ending two lawsuits.
The disputes concerned Pfizer's cancer medication Idamycin, and its antibiotic Zithromax. Under the settlement, Teva will pay Pfizer USD 70 million and agrees not to contest the validity of the respective drug's patents. Teva will be able to continue selling its generic version of Idamycin and Zithromax.
The agreement also gives Teva the option to sell a generic version of Pfizer's Ellence cancer drug in 2007 before the patent expires in August.
Additional details of the agreement were not disclosed.
Shares of Pfizer fell 5 cents to USD 27 in early trading on the New York Stock Exchange. American depositary shares of Teva rose 39 cents to USD 32.12 on the Nasdaq.
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