Pfizer, the world's biggest drug company, announced last week that it will pay $1.3 billion to Sanofi-Aventis Group to obtain full worldwide rights to the inhaled insulin the companies developed jointly and were planning to co-market. The agreement ends legal action Pfizer began against Sanofi-Aventis in 2004 after the company was created by a merger. Pfizer had originally been working with Aventis on the drug and said in a lawsuit that the merger constituted a change of control that violated the contract.
January 17, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Pfizer Inc. will pay $1.3 billion to Sanofi-Aventis Group to obtain full worldwide rights to the inhaled insulin the companies developed jointly and were planning to co-market. U.S. regulators are expected to rule upon the drug later this month.
Pfizer, the world’s biggest drug company with blockbusters such as the cholesterol drug Lipitor, made the announcement late Thursday. Its shares rose 9 cents to close at $24.67 on the New York Stock Exchange.
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