Pharma firm Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) has settled with Pfizer Inc. (NYSE:PFE) and the Swiss Nycomed International Management, paying the two companies $1.6 billion to resolve a patent dispute from 2007.
The court battle centered on Teva’s generic Protonix tablets, which treat excess stomach acid.
Teva will pay $800 million in 2013 and the rest in 2014, of which $560 million may be covered by its insurance, according to a news release.
Based in Israel, Teva is a leading generic drugs maker operating in 60 countries that emphasizes affordability. Nycomed is owned by Japan’s Takeda Pharmaceutical Company Limited (TYO:4502).
According to Reuters, a New Jersey court ruled in Pfizer’s favor in April 2010, ending a 10-year legal battle. Sun Pharmaceutical Industries Ltd. (BOM:524715), from India, will also pay $450 million to Pfizer in the settlement.
Nat Rudarakanchana covers commodities and companies for the International Business Times. He is especially interested in precious metals, the food and drink industry, and...