Teva, Pfizer settle patent lawsuit over painkiller Celebrex

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)