Not so fast, Teva. The generics giant--which last week said it was set to roll out copies of Pfizer blockbuster Celebrex--now has to put those plans on hold, as per a U.S. appeals court ruling.
Look out, Pfizer--the generics are here. On Wednesday, Teva and Mylan both launched versions of the company's arthritis med Celebrex, meaning Pfizer is about to watch the sales decline of yet another blockbuster.
A long-running and often contentious securities lawsuit tied to Pfizer's vilified pain drugs Celebrex and Bextra was set for a September trial, but is going into the dustbin of history instead. A federal judge in New York has dismissed the case a decade after it was filed and 9 weeks before proceedings were to commence.
In March, a U.S. court struck down a key patent for Pfizer's Celebrex, suddenly opening the drug up to copycat rivals. Now, that competition has arrived as the FDA gave the green light to Celebrex copies from Teva Pharmaceutical and Mylan.
Pfizer has settled its patent fight with Teva Pharmaceutical Industries and Actavis, allowing both generics companies to launch Celebrex copies in December at the latest. That's 6 months after the 2014 patent expiration, but 12 months ahead of the reissued 2015 method patent.
One of Pfizer's top-selling products is suddenly vulnerable to generic competition 18 months earlier than expected. A U.S. court nixed a key Celebrex patent, putting the pain drug up for a sales fight in May. And generics makers Mylan and Actavis are promising to launch their versions as soon as Pfizer's monopoly expires.
Thank you, U.S. patent office. Pfizer ($PFE) won an extra 18 months of exclusivity for its pain drug Celebrex, in the form of a reissued patent that doesn't expire till the end of 2015. That means a cool couple of billion in extra sales.
Disgruntled Pfizer ($PFE) investors are accusing the company of a cover-up. In documents filed in a securities-fraud lawsuit, the investor group says Pfizer trashed some records and denied the existence of others--and it's calling for sanctions against company officials in response, Bloomberg reports.
A new front has opened up against Pfizer in its fight to defend itself against shareholders that claim that it was not upfront about the dangers of pain drugs Celebrex and Bextra to patients and--by extension--to shareholders.
Two weeks before some high-profile shareholder allegations were scheduled to hit court, Pfizer ($PFE) agreed to pay $164 million to settle. The investor class action had claimed Pfizer misrepresented Celebrex trial data to make its pain pill appear safer than its rivals.