Pfizer unit to settle Effexor XR antitrust claims in $39M deal

seekingalpha04-11

Pfizer (NYSE:PFE) unit Wyeth has agreed to pay $39M to resolve claims by a group of drug purchasers who alleged that the company colluded with Teva (NYSE:TEVA) to delay the market entry of a generic ...

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Pending court approval, the settlement would end a lawsuit that drugged on for more than 12 years between Pfizer's (PFE) 2009 buyout, Wyeth and drug purchasers, including Rochester Drug Co-Operative and Stephen L. LaFrance Holdings. The plaintiffs' lawyers disclosed the terms of the settlement on Tuesday in a court filing in New Jersey. According to the settlement, the litigation against Teva (TEVA) will continue. The Israeli drugmaker has previously denied the allegations. In 2014, Wyeth received a favorable court ruling that rejected claims that the company made a \"reverse payment\" to Teva (TEVA) to delay the launch of Effexor XR generic. However, an appeals court in Philadelphia reversed the ruling three years later. In a statement to Reuters, Pfizer (PFE) said that the agreement is \"fair, reasonable, and the best way to resolve this litigation\" but noted that the claims cited by plaintiffs are \"factually and legally without merit.\" Wyeth has already reached an agreement with pharmacy chains, including Kroger (KR) and Walgreens (WBA), that filed individual lawsuits against the company. Their litigation against TEVA would continue, the retailers have said.  More on Pfizer, Teva, etc.  Teva Pharmaceutical Industries: Potential Outweighs Concerns Pfizer: Attractive Valuation And A Strong Pipeline Mitigate Patent Cliff Concerns Pfizer Inc. (PFE) Leerink Partners Global Biopharma Conference 2024 - (Transcript) Teva confirms efficacy in late-stage trial of its migraine treatment for adult Chinese patients Pfizer RSV shot meets key goal in trial of high-risk adults under age 60","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426261331"}