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Wyeth, Teva extend standstill period on Teva's launch of generic pantoprazole
Wyeth Pharmaceuticals announced that it has agreed with Teva Pharmaceuticals USA 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 involving Protonix is possible. The extension will expire on January 31, 2008. Following Teva?s launch on December 21, 2007, of a pantoprazole tablet, a generic of Wyeth's Protonix, 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 remaining to a potential settlement.
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