Pfizer Inc. has settled a lawsuit filed by Brigham Young University over development of the blockbuster painkiller Celebrex for $450 million, according to a regulatory filing Tuesday.
Terms of the settlement weren't disclosed in an announcement by the drug company and the Mormon Church-owned school in Utah.
However, Pfizer said in a regulatory filing with the U.S. Securities and Exchange Commission that it was taking a $450 million charge against first-quarter earnings to settle the case.
BYU and Pfizer battled for six years over the discovery of an enzyme that led to the development of Celebrex, a breakthrough in the treatment of arthritis and inflammation.
A jury trial had been set to start May 29 in U.S. District Court in Salt Lake City.
BYU had sought a 15 percent royalty on sales of Celebrex, or about $9.7 billion. The university also could have sought billions more in punitive damages and interest.
BYU's lawsuit says a chemistry professor, Daniel Simmons, discovered the genetic workings of the drug in the early 1990s. It accused Pfizer of violating a research agreement the school made with predecessor companies.
As part of the settlement, BYU plans to endow a Dan Simmons Chair in recognition of his lifelong work advancing human health.
"We are pleased to resolve this matter and the uncertainty of litigation and to be in a position to support Dr. Simmons' research efforts at BYU," Pfizer said in a brief statement.
BYU also issued a statement saying it was pleased the case had been resolved.
Neither side would comment further.
Looking beyond the spin of Big Pharma PR. But encouraging gossip. Come in and confide, you know you want to! “I’ll publish right or wrong. Fools are my theme, let satire be my song.” Email: jackfriday2011(at)hotmail.co.uk
Tuesday, May 01, 2012
Filings: Pfizer settles lawsuit involving Celebrex
via stltoday.com
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