Knight Ridder/Tribune Business News - Abbott to Pay Miami-Based Ivax $45 Million to Settle Suit.
The Miami Herald Knight Ridder/Tribune Business News
Apr. 4–Illinois-based Abbott Laboratories has agreed to pay Miami-based Ivax Corp. as much as $45 million over the next two years to settle a lawsuit stemming from a dispute over a generic drug to treat high blood pressure.
In 1996, Ivax’s Zenith Laboratories subsidiary sued Abbott in U.S. District Court in Newark, N.J., claiming Abbott interfered with Zenith’s ability to win government approval for and sell a generic version of Abbott’s Hytrin.
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The settlement calls for Abbott to pay Zenith $6 million a quarter …
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