Pfizer Prevails In Infringement Suit and 2 Other Hot Stocks to Watch
Pfizer (NYSE:PFE): Current price $28.55
Pfizer shares spiked somewhat in morning trading, on word that it and Takeda Pharmaceutical had arrived at a favorable $2.15-billion settlement in its patent-infringement lawsuit against Teva Pharmaceutical Industries (NYSE:TEVA) and Sun Pharmaceutical Industries. The suit originated from the two generic drug makers’ intro of a generic form of the acid reflux drug Protonix in the United States, after nearly a decade of legal battling on the part of Pfizer and the now defunct Nycomed, which was taken into Takeda. Through the terms, Teva and Sun concede that their sales of the generic drug pantoprazole violated a valid patent. A jury in New Jersey decided that the drug violated a patent owned by Takeda, which was licensed exclusively to Pfizer. Teva will pay the larger portion of the damages, a total of $1.6 billion spread out over 2013 and 2014, while Sun shells out $550 million.