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|November 21, 2006 2:02 p.m.|
|Teva Announces Agreement With Pfizer Regarding Idarubicin, Azithromycin, And Epirubicin|
Jerusalem, Israel, November 21, 2006 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today that it has reached a comprehensive agreement with Pfizer Inc (NYSE: PFE) regarding idarubicin, azithromycin, and epirubicin and the sale of those generic products. The agreement resolves and dismisses all outstanding patent litigation filed by Pharmacia, a subsidiary of Pfizer against Sicor, a subsidiary of Teva, over Sicor's sales of generic idarubicin, an anti-cancer drug and all patent litigation brought by Pfizer over Teva's sale of generic azithromycin, an antibiotic. Furthermore, the parties have granted each other full releases and Teva will continue to market its generic versions of idarubicin and azithromycin. Teva has agreed to make a payment of up to $70 million to Pfizer, which includes an option in 2007 for Teva to sell its own generic version of epirubicin prior to the August 2007 patent expiry. Additional details were not disclosed.