PFE - Pfizer Agrees To Pay $93M To Settle Lipitor Antitrust Lawsuit Despite Calling Allegations 'Factually And Legally Without Merit' | Benzinga
Pfizer Inc (NYSE:PFE) has agreed to pay $93 million to settle an antitrust lawsuit related to its cholesterol drug Lipitor.
What Happened: The lawsuit, filed by wholesale drug distributors, accused Pfizer of colluding with India’s Ranbaxy Laboratories to delay the sale of cheaper, generic versions of Lipitor, Reuters reported.
The settlement, which is subject to a judge’s approval, comes after over a decade of legal battles. Pfizer, while not admitting liability, has called the allegations “factually and legally without merit.”
The distributors’ case against Ranbaxy will continue despite the settlement. The lawsuit alleges that Pfizer fraudulently extended its patent rights over Lipitor, paying Ranbaxy to delay the introduction of a generic version and engaging in sham litigation over the drug.
Sun Pharma, which acquired Ranbaxy in 2015, did not respond immediately to