April 17 (Reuters) - Teva Pharmaceutical Industries Ltd said it settled a patent litigation with Pfizer Inc, allowing the Israeli drugmaker to launch a generic version of Pfizer's blockbuster pain medication, Celebrex, in December.
The news comes more than a month after a U.S. court invalidated a patent covering the drug, giving Pfizer's rivals, including Teva, a chance to sell cheaper versions of Celebrex.
Celebrex's basic chemical patent expires on May 30.
Teva's shares were unchanged at their Wednesday's close of $49.91 before the bell on Thursday, while Pfizer's shares were up slightly at $30.23.
(Reporting by Vrinda Manocha in Bangalore; Editing by Kirti Pandey)
- Health Care Industry
- Pfizer Inc
- patent litigation