Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today lost a patent infringement case for generic Viagra brought by Pfizer Inc. (NYSE: PFE; LSE: PFZ). The US District Court for the Eastern District of Virginia upheld Pfizer patents and banned Teva from marketing its generic version of the erectile dysfunction treatment until October 2019. The decision is subject to appeal.
Pfizer EVP and general counsel Amy Schulman said, "We are pleased that the court recognized the validity and enforceability of our Viagra patent for the treatment of erectile dysfunction. Protecting the intellectual property rights of our innovative core is critical, and Friday's court decision acknowledges Teva's clear violation of our patent rights."
Teva had planned to launch generic Viagra in 2012 and had already received preliminary approval from the US Food and Drug Administration (FDA)
Teva's share price fell 3.3% by late afternoon on the TASE today to NIS 137.80, and was down 0.1% in premarket trading on Nasdaq to $39.70, giving a market of $35.4 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2011
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