(Updates with Pfizer's response in the last two paragraphs.)
Pfizer (PFE) has been dismissed as a defendant in a lawsuit brought by 45 US states, the District of Columbia, and 4 US territories that accused drugmakers and executives of fixing generic drug prices, Reuters reported Wednesday, citing a court decision.
Michael Shea, Chief Judge of the federal district court in Connecticut, said in a Tuesday ruling the states failed to establish that Pfizer and its former Greenstone unit colluded with competitors to rig bids and allocate customers for drug products, according to the report.
"Pfizer is pleased with the Court's decision to grant summary judgment and dismiss all claims against Pfizer- which had no involvement in the alleged conduct and should never have been named in the complaint to begin with", a Pfizer spokesperson said in an emailed statement to.
Pfizer is pleased with the Court's prior decision to reduce the claims against Greenstone, the spokesperson said, adding that the company believes the remaining claims are without merit and will continue to vigorously defend against these claims.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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