Pfizer (NYSE:PFE) Settles with Ranbaxy, Affiliates over Lipitor

Pfizer (NYSE:PFE) announced Wednesday it has reached an agreement with India-based Ranbaxy Laboratories Ltd. and a number of their affiliates over litigation associated with patents connected to Lipitor.

The deal will effectively settle all the litigation connected to the dispute.

Ranbaxy said they will no longer contest Lipitor patents of Pfizer in various countries, including the U.S.

Also under terms of the agreement, litigation over patents for Accupril in the United States and Viagra in Ecuador were resolved.

Starting on November 30, 2011, Ranbaxy will be licensed to sell generic versions of Lipitor and Caduet in the United States.

Pfizer closed Wednesday at $16.72, down $0.05, or 0.30 percent.