Pharma major, Sun Pharmaceutical Industries said that the company will pay USD 550 million (about Rs3190 crore) to settle a patent infringement suit in the US on generic pantoprazole drug.
Earlier in 2005, Wyeth and Altana had filed a patent-infringement suit against Sun Pharma after the Mumbai-based company filed its Abbreviated New Drug Application for pantoprazole, said the media report.
Wyeth Pharmaceuticals sells pantoprazole under the registered trademark Protonix, and Sun had launched "at risk" its generically-similar version in the US, even as the two were locked in litigation.
According to the statement, under the terms of the litigation settlement among Sun Pharma, Wyeth, a division of Pfizer Inc and AltanaPharma AG, known as Takeda GmbH, have dismissed all their claims.
The drug maker, Sun Pharmacould continue to sell its generic pantoprazole in the country, added the media report.
However, Israel-based Teva Pharmaceuticals who was also engaged in the aforesaid litigation will have to pay $ 800 million in 2013, and remaining $ 800 million in October 2014.