Pfizer Wins Celebrex Patent Challenge By Teva - Update [PFE]
3/20/2007 5:06:02 PM Tuesday, in a long drawn-out suit involving Pfizer Inc.'s (PFE), Celebrex against generic drug firm Teva Pharmaceutical Industries Ltd.(TEVA), a federal court in the District of New Jersey ruled in favor of Pfizer, upholding the three main U.S. patents covering the arthritis drug.
On Feb.19, 2004, Pfizer filed a lawsuit in federal court in Newark, to block Teva from launching a generic version of Celebrex. Teva had filed applications with the FDA, seeking approval to market and manufacture 100-milligram, 200-milligram and 400-milligram doses of celecoxib, the main ingredient in Pfizer's Celebrex.
According to Pfizer, the three patents covering Celebrex are slated to run till June 2015. Last year, the drug pitched in global sales of $2.039 billion, up 24% over 2005.
The blockbuster arthritis drug Celebrex and its follow-on drug, Bextra were added to Pfizer's list of revenue drivers by the acquisition of Pharmacia Corp. in 2003 for $60 billion in stock.
PFE closed Tuesday's regular trade up $0.18 or 0.71% at $25.54, on a volume of 25.34 million shares. TEVA closed the day's trade up $0.04 at $36.58. In the after-hours, the stock gained $0.01 and was at $36.59, on a volume of 5.17, million shares.
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