Pfizer Inc. (NYSE:PFE) Names Albert Bourla Group President

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Dallas, Texas 12/20/2013 (FINANCIALSTRENDS) – Pfizer Inc. (NYSE:PFE)’s Amy Schulman, appointed to head one of the firm’s three new drug sections starting January 2014, will instead quit the pharma giant.

Amy, a deputy to CEO Ian Read and the company’s general counsel, was selected in the month of July to head one of the business concerns as the NY-based firm restructures prior to a potential breakup.

Albert Bourla, a 20-year Pfizer expert, will now head the division, which handles vaccines, oncology and consumer health products, Pfizer said in a report.

Pfizer’s division into two brand-drug and one off-patent biz, set for Jan. 1, will occur as the firm divests non-medicine procedures. The world’s largest drug manufacturer has stated that it is narrowing its concentration on a smaller group of research arenas.

Company reaches settlement with Teva Pharmaceuticals on generic Viagra

The company declared that it settled patent court case against Teva Pharmaceuticals over the marketing of a generic version of blockbuster medicine Viagra in US.

The settlement means Israel-based Teva “will be permitted to roll out a generic edition of Viagra in the United States market on December 11, 2017 or quits earlier under certain conditions,” Pfizer said.

“Teva will pay Pfizer a royalty for a license to produce its generic edition,” Pfizer stated.

Other terms of the contract were secret.

Patents for Viagra expire in April 2020, the company said.

During June 2010, Pfizer lost its copyright in Brazil to completely market the drug. Pfizer’s copyright for Viagra has also expired in the European and Japanese market.

The FDA has granted tentative authorization for Teva’s generic edition of Viagra, stated Teva, which is the globe’s largest generic drug manufacturer.

Pfizer, Wyeth merge in India to generate 9th biggest pharma firm

Pfizer Ltd is all set to take over local partner Wyeth Ltd, the company stated on Saturday after their boards sanctioned the contract.

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