No intention of buying Ranbaxy: Pfizer

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Updated: 19/06/2008 | 10:29 AM IST

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NDTV Correspondent

Thursday, June 19, 2008 (New Delhi)

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The Lipitor deal had further added to the speculation of Pfizer picking up a stake in Ranbaxy. But Pfizer on Wednesday told NDTV that it has no intention of picking up stake in Ranbaxy.

It described the Liptor deal as pro-patient as well as a win-win situation for both companies.

Earlier, on the same day Ranbaxy announced that it has settled its long-running dispute with Pfizer on the cholesterol-fighting drug, Lipitor, which is also among the world’s highest selling drug.

The value accruing to Ranbaxy from one of the biggest settlements in the global pharma industry is seen exceeding $1.5 billion, say sources. The settlement covers key markets in eight countries, including the US. Lipitor has global annual sales of around $12 billion, with US sales exceeding $8 billion. Ranbaxy would also benefit from a substantial savings in legal costs from the Pfizer settlement.

However, the Lipitor case to continue in five European nations, said Malvinder Singh, CEO of Ranbaxy.

Calling the Pfizer as a major gain, Singh said on Wednesday that the Indian company would launch Lipitor in the US on November 30, with a 180-day exclusivity period.