Pfizer Inc. (PFE) reached a settlement and license agreement
with Mylan Inc. (MYL) regarding a generic version of Vfend tablets,
allowing the generic drug maker to begin marketing the antifungal
medication in the U.S. starting in the first quarter of 2011.
The details of the agreement weren't disclosed. The accord is
subject to review by the Department of Justice and the Federal
Trade Commission.
It was the latest setback for Pfizer, which has struggled to
bring new drugs to market to offset lost revenue from patent
expirations for current best-sellers. Pfizer, maker of blockbuster
cholesterol drug Lipitor and erectile-dysfunction drug Viagra, is
acquiring Wyeth partly to beef up research efforts.
Mylan's Matrix Laboratories Ltd. (524794.BY) unit in August 2008
notified Pfizer that it had filed an abbreviated new drug
application with the Food and Drug Administration, challenging four
of Pfizer's patents relating to antifungal Vfend, which expire
between 2009 and 2016.
The drug, voriconazole, can be administered orally or
intravenously and can be used to treat esophageal candidiasis and a
number of other serious fungal infections. The generics to be sold
by Mylan had U.S. sales of $164 million in the year ended June
30.
Pfizer shares were up 1.1% at $16.97 in recent premarket trading
amid a broad rally. Mylan shares closed Tuesday at $16.37 and
didn't trade premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;