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Mylan Settles Lawsuit With Pfizer

Pharmaceutical company said Tuesday it settled a lawsuit with Pfizer Inc. over the blockbuster cholesterol drug Lipitor, but terms of the settlement are confidential.

PITTSBURGH (AP) -- Mylan Inc. said Tuesday it settled a lawsuit with Pfizer Inc. over the blockbuster cholesterol drug Lipitor, but terms of the settlement are confidential.

The settlement deal is subject to review by the Justice Department and Federal Trade Commission. Lipitor was expected to lose patent protection and face generic competition this year.

Lipitor had U.S. sales of $7.27 billion for the 12 months ended Sept. 30, 2010, according to IMS Health.

In morning trading, Mylan shares shed 7 cents to $23.45. Pfizer shares rose 10 cents to $18.55.
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