JERUSALEM (Legal Newsline) -- Teva Pharmaceutical Industries Ltd., the world's largest maker of generic medications, announced Thursday that its U.S. subsidiary has entered into a settlement with Pfizer Inc. over Teva's generic version of Celebrex.
Celebrex, a non-steroidal anti-inflammatory, or NSAID, medication, typically is used to treat the pain caused by arthritis in children and adults, ankylosing spondylitis -- a long-term arthritis that affects the bones and joints at the base of the spine where it connects with the pelvis -- or menstrual cramps.
Under the terms of the settlement, Teva may launch its generic versions in the U.S. in December 2014, or earlier under certain circumstances.
Pfizer spokesman Steven Danehy confirmed Friday that the company has reached a settlement with Teva.
Under certain conditions, the license will be royalty-bearing through the remaining term of the patent, or Dec. 2, 2015, he said.
Danehy said the remaining terms of the settlement are confidential.
"The company will continue its defense of the patent, which it believes is valid and was properly granted by the (U.S.) Patent (and Trademark) Office, and will pursue all appropriate remedies for infringement," he said in a statement.
Teva, which is headquartered in Israel, noted it has received tentative approval from the U.S. Food and Drug Administration for all strengths and believes that it is first-to-file on at least the 100, 200 and 400 mg capsules.
Sales of Celebrex were $2.2 billion in the U.S., according to IMS Health data as of December 2013.
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