- Settlement Possible; Significant Obstacles Remain -
COLLEGEVILLE, Pa., Jan. 21 /PRNewswire-FirstCall/ -- Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE), announced today that it has agreed with Teva Pharmaceuticals USA, Inc. to extend the standstill period previously announced on December 24, 2007 for 10 days while the parties continue to explore whether a settlement of their patent litigation is possible. The extension will expire on January 31, 2008.
Following Teva's launch on December 21, 2007 of a pantoprazole tablet, a generic version of Wyeth's PROTONIX(R), Wyeth and Teva agreed to a standstill period, which would have expired on January 22, 2008. During this period, Teva agreed not to sell or ship additional generic pantoprazole product in order to allow the parties an opportunity to explore whether settlement was possible. The standstill would terminate in the event that Wyeth initiates sale of a generic version of PROTONIX.
While the extension of the standstill agreement allows both parties to continue these discussions, it in no way guarantees that a settlement will be reached. The situation is complex, and there are a number of significant obstacles to a potential settlement.
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and
health care products companies. It is a leader in the discovery,
development, manufacturing and marketing of pharmaceuticals, vaccines,
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