A proposed class of indirect buyers is seeking judicial approval for a $25.5 million settlement to dismiss allegations against Pfizer’s subsidiary Wyeth. The allegations center around a supposed scheme involving Teva Pharmaceuticals that was designed to obstruct generic competition for Effexor XR, an antidepressant. The case is before a federal judge in New Jersey.
Said settlement comes as the most recent development in a lengthened antitrust legal quarrel. Pfizer, a global leader in the pharmaceutical industry, has its subsidiary Wyeth implicated in devising a tactic to stifle generic competition for Effexor XR. Teva Pharmaceuticals, a globally recognized manufacturer of generic drugs, was reportedly involved in this scheme.
The class of indirect purchasers, who have suffered on account of this alleged scheme, have now taken the matter before the court. Upon approval by the New Jersey judge, the settlement amount of $25.5 million will be used to end these lingering antitrust lawsuits against Pfizer and its unit Wyeth.
To learn more about the legal proceedings, visit the original article on Law360.