Dr. Reddy's, Pfizer Settle Lipitor Patent Lawsuit
From Associated Press (August 31, 2011)
NEW YORK -- Dr. Reddy's Laboratories Ltd., an Indian company that makes generic drugs, said Wednesday that it settled a lawsuit brought by Pfizer Inc. over a generic version of Pfizer's cholesterol drug Lipitor.
Dr. Reddy's said the lawsuit concerned generic Lipitor in doses of 10, 20, 40, and 80 milligrams. It did not disclose terms of the agreement, and said the settlement is subject to review by the Justice Department and the Federal Trade Commission.
Lipitor, or atorvastatin, is the biggest-selling branded drug in the world. Pfizer gets more than $11 billion in annual revenue from Lipitor, but the international patents supporting the drug have started to expire and the U.S. patents expire on Nov. 30. The expiration of the patents allows generic drug makers like Dr. Reddy's to start selling their own versions of the drug at prices lower than Pfizer's version.
Dr. Reddy's filed for approval of a generic version of Lipitor in 2009. Pfizer then filed a lawsuit alleging Dr. Reddy's infringed on the patents supporting Lipitor.
Shares of Dr. Reddy's Laboratories rose 40 cents to $32.88 in midday trading, while Pfizer stock picked up 20 cents to $19.08.
Posted: September 2011
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