Abbott, Ranbaxy Settle Patent Suit

Abbott Laboratories has settled a patent litigation case against Ranbaxy Laboratories, allowing the Indian pharmaceutical firm to launch a generic version of the US drugmaker’s cholesterol lowering medicine Tricor. It could bring several million dollars in revenues for Ranbaxy. Abbott which sells feno fibrate under the brands Tricor and Triplix generates about $1 billion in annual sales from the American market alone.

It could not be ascertained when Ranbaxy would be able to launch its drug in the US. But Abbott had earlier settled with another generic drug maker Teva for 145 mg dosage of same medicine that permits the Israeli firm to launch its low-priced version as early as March 2011.

In June last year, Japan’s Daiichi Sankyo-owned Ranbaxy had informed Abbott that it plans to launch its generic version of Tricor in 45 mg and 145 mg dosages. The innovator sued Ranbaxy and as per American laws received a 30-month automatic stay on the case.