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Pfizer, the pharmaceutical giant, has agreed to pay $93 million to settle antitrust claims made by wholesale drug distributors. The distributors accused Pfizer of collaborating with India's Ranbaxy Laboratories to delay the sales of more affordable, generic versions of the cholesterol drug Lipitor.
As per US News, the settlement was disclosed by attorneys representing Lipitor purchasers, including Rochester Drug Co-Operative Inc. and Puerto Rico's Drogueria Betances LLC, in a filing on Wednesday. However, the case against Ranbaxy will continue, according to the attorneys.
Long-Standing Litigation Comes to an End
The proposed settlement, subject to a judge's approval, marks the end of over a decade of legal battles. It is important to note that Pfizer does not admit liability in the settlement. In response to the allegations, Pfizer stated they were "factually and legally without merit." The company believes that the settlement is a fair and reasonable resolution to the litigation.
Sun Pharma, which acquired Ranbaxy in 2014, did not immediately comment regarding the settlement. This lack of response intrigues the situation, leaving questions about Ranbaxy's involvement in the alleged conspiracy.
Lipitor, introduced by Pfizer in 1997, generated more than $130 billion in sales during its first 14 years on the market. The distributors claim that Pfizer engaged in fraudulent practices to extend its patent rights over Lipitor. They further allege that Pfizer paid Ranbaxy to delay the introduction of a generic version of Lipitor and participated in sham litigation with Ranbaxy regarding the drug.
Immediate Relief and Legal Fees
According to CNBCTV 18, the plaintiffs' lawyers expressed that the settlement provides economic relief to class members and eliminates the risks of continued litigation and potential appeals. They also mentioned their intention to seek approximately $31 million in legal fees from the settlement fund.
Photo: Pfizer Newsroom
