Wyeth Sues Teva Over Heartburn Drug
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Big Pharma, Generic Drugs, Heartburn Medication, Heartburn Medicine, Pharmaceutical Companies, Pharmaceutical Industry, Protonix, Teva, Teva Pharmaceuticals, Wyeth,
Business News
AP:
A patent dispute over the heartburn drug Protonix escalated Monday when Wyeth said it will sue to recover lost profits from sales of Teva Pharmaceutical Industries Ltd.'s generic version.
Meanwhile, the companies are still discussing a possible settlement and Teva said it is voluntarily halting additional shipments of the generic drug for 30 days.
Teva has already been awarded a 180-day period of market exclusivity for being the first company to file for a generic version of the drug, which the Food and Drug Administration approved in August. The company raised its 2007 profit guidance to between $2.34 and $2.36 per share from a range of $2.20 to $2.30 per share, citing generic Protonix and other products.
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First Posted: 12-24-07 09:54 AM | Updated: 03-28-08 02:45 AM