Israeli pharmaceutical giant Teva has entered into an agreement with Pfizer Inc. to settle patent litigation related to Teva's generic version of Pfizer's Viagra tablets.
Under the terms of the agreement, Teva said that it will be able to launch its Abbreviated New Drug Application (ANDA) products pursuant to a royalty-bearing license on December 11, 2017, or earlier under certain circumstances. The terms of the settlement agreement are otherwise confidential.
The US Food and Drug Administration (FDA) has already granted tentative approval for Teva's generic version of Pfizer's 25, 50, and 100 mg. Viagra tablets.
Viagra had annual sales of $1.2 billion in the US, based on IMS sales data as of September 2013.