U.S. Markets open in 1 hr 50 mins

News Summary: Pfizer painkiller patent extended

The Associated Press

PATENT WIN: Drugmaker Pfizer gets an 18-month extension on a key patent for its blockbuster anti-inflammatory painkiller, as the federal government grants a new patent for Celebrex. It replaces a patent invalidated by a federal appeals court due to technical deficiencies.

THE IMPACT: The new patent for Celebrex, Pfizer's fifth-best-selling drug, runs till December 2015. The additional time could bring Pfizer a few billion in extra revenue.

BACKSTOPPPING: Pfizer also is suing five generic drugmakers who had hoped to start selling generic Celebrex in May 2014, to prevent any generic sales by them until December 2015.