Pfizer settles patent lawsuit with Teva, Sun Pharma for $2.7b

NEW YORK (REUTERS) - Pfizer has reached a US$2.15 billion (S$2.68 billion) settlement with Teva Pharmaceuticals Industries and Sun Pharmaceutical Industries related to patent infringement on its acid-reflux drug Protonix.

Japan's Takeda Pharmaceutical, Pfizer's partner, will receive 36 per cent, or about US$774 million, from the settlement.

Israel-based Teva will pay US$800 million this year and the remaining US$800 million by October next year. India's Sun Pharma will make its entire payment of US$550 million this year.