TCL is co-lead counsel in an antitrust litigation against pharmaceutical manufacturer Pfizer that recently settled for $39 million.
Plaintiffs, direct purchasers of the brand name prescription drug Effexor, allege that Pfizer and Teva Pharmaceuticals entered into a “pay for delay” agreement where Pfizer made large payments to Teva in exchange for Teva’s agreement to delay the launch of a generic version of Effexor. Plaintiffs allege that the agreement caused purchasers to pay the higher brand name price for Effexor instead of switching to less expensive generic versions of Effexor.
On April 25 2024, Judge Sheridan of the District of New Jersey preliminarily approved the settlement with Pfizer. A hearing on final approval of the settlement is scheduled for June 28, 2024. The litigation continues against Teva.
The Final Fairness Hearing is scheduled for June 28, 2024 at 3:00pm ET at the United States District Court for the District of New Jersey, 402 East State Street, Courtroom 1, Trenton, NJ 08608. Please note, Judge Sheridan changed the time of the hearing. It was previously scheduled for 11:00am ET.
The settlement papers regarding the settlement with Pfizer can be viewed below:
