BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

Teva Pharmaceutical Industries Limited (TEVA) Warns Legal Costs Over Generic Protonix May Hit $2 Billion


2/14/2013 8:10:40 AM

Teva Pharmaceutical Industries Ltd. (TEVA) may be on the hook for up to $2.1 billion in damages because it sold generic copies of Pfizer Inc.'s (PFE) heartburn reliever Protonix before the drug's U.S. patent exclusivity expired in 2011. The Israel-based generic-drug maker already booked a $670 million provision for the third quarter of 2012 to cover a potential Protonix loss. Now, in its 2012 annual report filed Tuesday with the U.S. Securities and Exchange Commission, Teva has disclosed that its management estimates the "ultimate resolution of this matter could result in a loss of up to $1.4 billion in excess of the amount accrued." It would be one of the highest tabs for damages from a so-called "at-risk" launch of generic drug before litigation over the branded drug's patent is resolved. In comparison, last year Apotex Inc. paid $442 million to Bristol-Myers Squibb Co. (BMY) and Sanofi (SNY) for having sold generic copies of anti-clotting drug Plavix in 2006, before the patent was ultimately upheld. Damages in that case were capped by a prior agreement among the companies. The potentially hefty bill looms as Teva is trying to reduce annual costs by up to $2 billion under the leadership of a new chief executive, Jeremy Levin, who recently said costs were bloated after years of acquisitions. Teva's total revenue was $20.3 billion last year, and it had $3.1 billion in cash, cash equivalents and marketable securities as of Dec. 31.

Read at Reuters
Read at Fox News

Reuters
Fox News
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->