News Summary: $2.15B settlement in Protonix case
News Summary: Pfizer and Takeda will get $2.15B from 2 companies in Protonix settlement
THE DEAL: Two generic drugmakers will pay $2.15 billion to Pfizer Inc. and Takeda Pharmaceuticals to resolve a lawsuit over the heartburn drug Protonix.
THE LAUNCH: Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. started selling generic versions of Protonix before the patents supporting the drug expired. They hoped to get those patents overturned or reach a settlement that would allow them to start selling their versions before the patents expired.
THE PAYMENTS: Teva will pay $1.6 billion and Sun will pay $550 million. Pfizer said it will get 64 percent of the settlement proceeds, or almost $1.4 billion.
