Pharmaceutical giant Pfizer Inc. (PFE) announced it had reached a settlement worth $2.15 billion with Teva Pharmaceutical Industries Ltd. (TEVA) and Sun Pharmaceutical Industries Ltd. (SUNP) after almost a decade of trials over Protonix sales in the United States.
Protonix is pantoprazole sodium. It is generically used to reduce acid production in the stomach and is the most common treatment for side-effects of gastroesophageal reflux disease.
The settlement is divided betwee Pfizer which will receive 64 percent while the remaining will go to its partner, Takeda Pharmaceutical Co., said the company in a statement today.
There are no current verifications in court records of the settlement as of 5:00 AM EDT.
The drug was acquired by Pfizer is 2009 when the company bought Wyeth for $68 billion.
Israeli drug company TEVA also sold their generic Protonix in 2007, while Sun Pharmacy from India began selling theirs a month later.
Sun and TEVA both surrendered their appeal against patent infringement.
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