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Drug makers Teva, Pfizer settle patent dispute

Tue, 05/31/2011 - 5:17pm
The Associated Press

Teva Pharmaceutical Industries Ltd. said Tuesday it has settled a patent lawsuit brought by Pfizer Inc. over a drug for treating seizures and pain caused by shingles.

Financial terms of the settlement were not disclosed.

Pfizer claimed generic versions of Neurontin sold by Teva and subsidiary Ivax Pharmaceuticals violated its patent.

As a result of the settlement, the U.S. District Court for the District of New Jersey dismissed the lawsuit, releasing Teva and its subsidiaries, the company said.

Teva shares added 40 cents to close at $50.90 during the regular session. Pfizer's shares slipped 35 cents to $21.11 in aftermarket trading after rising 52 cents, or 2.5 percent, to $21.45 during the regular session.

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