Dallas, Texas 08/13/2013 (Financialstrend) – Pfizer Inc. (NYSE:PFE) recently took legal action against Wockhardt Limited (BOM:532300) and two other Indian firms to stop them from getting authorization to put up for sale a generic version of its neuropathic painkiller Lyrica. The company took legal action against Wockhardt again in January to stop the same Lyrica , knock-off drug from inflowing the market and according to Law360 at the end of last week Pfizer Inc, the New York company took legal action against another two units of the Mumbai companies to prevent a generic equivalent of its overactive-bladder pills Toviaz.
Damian Conover, an analyst at Morningstar commented, “As the generics come into the market big pharmaceutical concerns take a big hit, I also agree that the marketability of product names provides an advantage to companies like Pfizer, GlaxoSmithKline (NYSE:GSK) and Baxter International Inc. (NYSE:BAX) however the actual loss will be to India’s drug industry overall, If the market big pharmaceutical concerns come across at the return on their investment in India, there will be less funds used up on research and development since the rewards will be a smaller amount.”
There had been a decline of 0.07% in the shares of Pfizer Inc. which closed at $29.19 per share after opening at $29.07 for the day. The stock had presented intraday fluctuations on the range intraday low of $29.03 and intraday high of $29.23 per share on Monday. The shares had documented 52 week low at $23.55 and 52 week high at $31.15 per share. There are 7.09 billion shares outstanding with a market cap of $207 billion and an institutional ownership of 73% of the total capital. The trading volume of Pfizer Inc. was 19.48 million shares on Monday and the average volume is at 34.85 million shares per day