Pfizer to Pay $93 Million for Antitrust Claims on Cholesterol Drug Lipitor
Pfizer has agreed to pay $93 million to settle antitrust claims by wholesale drug distributors that slammed the medical giant company for conspiring with India’s Ranbaxy Laboratories to delay sales of less costly generic versions of Lipitor, a cholesterol drug.
Attorneys for Lipitor purchasers which include Rochester Drug Co-Operative Inc and Puerto Rico’s Drogueria Betances LLC, revealed the agreement in a filing on Wednesday Feb. 14, in a U.S. court in Trenton, New Jersey.
The proposed settlement, which will need a judge’s approval, comes after a decade of litigation. Pfizer reportedly did not admit liability.
Pfizer, in a statement, referred to the allegations “factually and legally without merit,” citing that the settlement was “fair, reasonable and the best way to resolve this litigation.”
Pfizer brought Lipitor to the medical market in 1997, and the drug garnered more than $130 billion in sales in its first 14 years on the market.
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