A federal judge's inclination means Pfizer could remain in the line of fire to pay out more than $2 billion. That is the potential liability Pfizer faces for a federal lawsuit accusing its Wyeth unit of failing to pay Medicaid rebates for stomach upset drug Protonix.
Sun's sales in the U.S. were up 28%, and it posted a profit of $204.8 million for the quarter--that is, before that one thing with Pfizer. Of course, that one thing was a 25.2 billion rupee payment ($415 million) that it made to Pfizer and Takeda as part of its share of a $2.15 billion settlement it and Teva Pharmaceutical Industries reached with the two.
Will Pfizer's big patent win against Teva Pharmaceutical Industries and India's Sun Pharma on Protonix discourage more "at-risk" drug launches of generics in the U.S.?
When Teva Pharmaceutical Industries launched a generic version of Protonix in 2007 before its patent expiration, it set aside $670 million to compensate Pfizer for lost profits on the drug. But with a settlement announced today, the company is finding itself $1.6 billion short.
Turns out, Teva Pharmaceutical Industries' ($TEVA) at-risk launch of copycat Protonix was really, really risky. The company now says it's looking at up to $2 billion in legal losses, to compensate Pfizer ($PFE) for lost profits on the drug.
Another marketing settlement has been wrung out of a Big Pharma player, with Pfizer ($PFE) this time paying $55 million and change to clear up a problem it acquired.
Pfizer ($PFE) has racked up a trifecta of legal deals, from a $55 million Protonix settlement with the feds to a $491 million Rapamune marketing deal that involves a misdemeanor guilty plea. Sandwiched in the middle: A $67.5 million deal to wrap up a class-action lawsuit filed by former Wyeth shareholders, who claimed they were misled about the risks of its antidepressant Pristiq.
Sun Pharmaceuticals ' at-risk launch of generic Protonix may prove to have been risky indeed. Pfizer's ($PFE) Wyeth unit slapped the Indian drugmaker with a $960 million damages claim, alleging Sun's
Public Citizen is petitioning the FDA for a "black box" warning on common stomach acid drugs such as AstraZeneca's ($AZN) Nexium and Prilosec and Pfizer's ($PFE) Protonix. The consumer watchdog group
Pfizer ($PFE) is negotiating with the U.S. government to settle claims that it overcharged Medicaid for the stomach drug Protonix, Pharmalot reports, citing legal documents filed in a Boston federal