The Woes Continue at Wyeth
On Thursday of last week, Wyeth suffered another blow in a long string of regulatory missteps and intellectual property disputes after a judge ruled that Teva (one of the world’s leading generics companies) and its marketing partner Sun Pharmaceuticals could begin marketing a generic version of Wyeth’s popular anti-heartburn medication Protonix. In the decision, a US district court judge refused to uphold Wyeth’s request to extend an injunction against Teva from marketing its version of Protonix. Teva, which is involved in a patent lawsuit with Wyeth and Altana over Protonix, has not yet said whether it will launch the product. The patent lawsuit between the companies dates back to 2004. In July 2007, Teva agreed not to launch a generic version of Protonix until either a preliminary injunction was denied or it expired (which happened on Friday). Teva could launch the drug, but it would be considered at-risk because of the pending patent dispute.
The company could face fines if it launches the generic version and ultimately loses the patent lawsuit. The Protonix patent is due to expire in 2010. Protonix sales average around $2.0 billion per year. Introduction of a generic version of the drug could result in a 50% loss in sales for Wyeth.
Wyeth stock price fell sharply after the decision was announced. Wyeth stock has been hammered hard in the past three weeks, which is likely to result in layoffs and job cuts in the near future.
Until next time….
Good Luck and Good Job Hunting!!!!!!!!!!!!
Well, I for one cannot wait for the generic protonix. With no prescription insurance, I can't afford the hugely expensive protonix. And it's a drug that could mean the difference between me getting esophagus cancer or not.