Pfizer’s Wyeth Reaches a $39 Million Settlement to Resolve Effexor XR Antitrust Case

Pfizer’s subsidiary Wyeth has reached a $39 million settlement to resolve allegations of anticompetitive behavior in connection with its antidepressant drug Effexor XR.

The settlement, revealed in a filing to a New Jersey federal court by plaintiffs’ lawyers, comes after over 12 years of legal battles accusing Wyeth of colluding with rival Teva to delay the release of a cheaper generic version of the drug.

According to Reuters, the proposed deal, if approved by a judge, would put an end to protracted litigation against Wyeth, which Pfizer acquired for $67 billion in 2009. Despite Pfizer’s assertion that the claims are baseless, the company has deemed the settlement as the most suitable resolution to the long-standing dispute.

Read the source article at Competition Policy International