Pfizer, Teva Settle Drug Patent Litigation

Pfizer and Teva Pharmaceutical Industries have settled a patent litigation regarding Teva’s sale of generic versions of Pfizer’s Zithromax antibiotic and Idamycin cancer drug. Under the agreement, Teva will pay Pfizer as much as $70 million and will continue to market its generic versions of the two drugs. The settlement also includes an option for Teva to sell its generic version of another cancer drug, epirubicin, prior to the August 2007 patent expiration, according to a Pfizer statement.