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Pfizer Inc. (NYSE:PFE), Mylan Inc. (NASDAQ:MYL) and the latter’s subsidiary, Mylan Pharmaceuticals, have entered into an agreement that will settle the parties’ patent litigation in connection with Mylan Pharmaceuticals’ Abbreviated New Drug Application for Tolterodine Tartrate ER capsules, 2 mg and 4 mg, the generic version of Pfizer’s Detrol LA, that is indicated for the treatment of overactive bladder with symptoms of urge urinary incontinence, urgency, and frequency. Through the terms, Mylan is permitted to begin sales of the product on January 1, 2014, or earlier under certain limited circumstances, but no later than March 1, 2014, subject to final approval from the FDA. Further, Mylan may launch the product as either an authorized generic or under its own ANDA. Tolterodine Tartrate ER capsules, 2 mg and 4 mg, had domestic sales of around $599 million for the 12 months ending June 31, 2012, according to IMS Health.
AT&T Inc. (NYSE:T): The Federal Communications Commission is expected late Friday to offer a plan to auction off TV airwaves to wireless carriers, says an unnamed inside source to The Washington Post. adding that carriers will employ the new airwaves in the development of faster and more reliable networks.
United Technologies Corp. (NYSE:UTX) has confirmed the estimate of its fiscal year 2012 revenue between $58 billion and $59 billion, with consensus $58.58 billion. Company Senior Vice President and Chief Financial Officer Greg Hayes said that UTC maintains his expectation that cash flow from operations minus capital expenditures, should meet or surpass net income attributable to common shareowners for the year. He commented that “Strong cash generation and proceeds from anticipated divestitures will enable us to pay down approximately one-third of the debt issued for the Goodrich acquisition by the end of 2012.”
Verizon Communications Inc. (NYSE:VZ) raised its annual dividend by 3 percent to $2.06 per share, which it says reflects its strong commitment to deliver increased returns to its shareholders. As a result the company will now pay a quarterly dividend of 51.5 cents compared with 50 cents paid this year, marking the sixth consecutive year of dividend increase. In 2011, Verizon had boosted its annual dividend by 2.6 percent to $2.00 per share.
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