Pfizer stops Teva selling generic Lyrica
US sales of pain-drug Lyrica were $3.7 billion in 2011.
Pfizer sued Teva and other companies, which sought to market generic versions of Lyrica, in 2009, arguing that this infringed Pfizer's patents. The verdict is a blow for Teva, as brand Lyrica had $3.7 billion in US sales in 2011. The US Food and Drug Administration (FDA) approved Lyrica in 2004.
Teva told "Bloomberg" that it had no comment.
“The defendants are enjoined, based on this infringement, from commercially manufacturing, using, offering for sale, or selling” their product, and the US Food and Drug Administration is prohibited from approving the generic drug applications until the patents expire," ruled Judge Gregory M. Sleet in a 133-page decision on Thursday.
“The court’s decision recognizes the infringement and validity of our Lyrica patents and affirms the value of Lyrica as a distinct and important innovation for patients,” Amy Schulman, Pfizer’s general counsel, said in a statement. “Protecting our intellectual property is vital to our ability to develop new medicines that save and enhance patients’ lives."
Teva's co-defendants in the case were Watson Pharmaceuticals Inc. (NYSE: WPI) and India's Sun Pharmaceutical Industries Ltd. (BSE: 524715).
Teva's share price fell 1.9% in morning trading on the TASE today to NIS 164.70, after falling 0.5% on the NYSE on Friday to $41.61, giving a market cap of $36.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 22, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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