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Pfizer, a pharmaceutical giant listed on the NYSE under the ticker PFE, has reached a $93 million settlement in response to antitrust claims related to its prominent cholesterol drug Lipitor. The settlement deal was disclosed in a filing made in the U.S. court in Trenton, New Jersey.
The resolution brings an end to a long-standing lawsuit alleging that Pfizer collaborated with Ranbaxy Laboratories in India to obstruct the entry of generic versions of Lipitor into the market. Notably, the lawsuit was initiated by wholesale drug distributors, who have opted to continue pursuing their claims against Ranbaxy despite Pfizer’s settlement.
The completion of the settlement is pending court approval but signifies the conclusion of over a decade of legal disputes. In response, Pfizer (PFE) has vehemently stated that the allegations leveled against the company are devoid of factual and legal merit. The pharmaceutical company also described its settlement proposal as equitable, sensible, and the most effective means of resolving the litigation. It’s important to note that Pfizer does not acknowledge any liability under the proposed settlement.
