Pfizer has agreed to pay $93 million to resolve antitrust claims by wholesale drug distributors accusing the pharmaceutical giant of conspiring with India's Ranbaxy Laboratories to delay the sales of cheaper, generic versions of the cholesterol drug Lipitor. 

According to Reuters, the agreement was disclosed on Wednesday in a filing by attorneys representing Lipitor purchasers, including Rochester Drug Co-Operative Inc. and Puerto Rico's Drogueria Betances LLC, in a US court in Trenton, New Jersey.

Pfizer Did Not Admit Liability on Lipitor Antitrust Lawsuit

The proposed settlement, subject to court approval, marks a significant development in the litigation that spanned more than 12 years.

While agreeing to the settlement, Pfizer did not admit wrongdoing. The attorneys' filing said the distributors' case will continue against Ranbaxy, which was acquired by Sun Pharma in 2014.

In a statement, Pfizer defended itself, asserting that the allegations were "factually and legally without merit." The pharmaceutical giant noted that the agreement was "fair, reasonable, and the best way to resolve this litigation."

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The Cholesterol Drug Lipitor

Introduced in 1997 by Pfizer, Lipitor's sales reached more than $130 billion during its first 14 years on the market. However, according to Reuters, the drug distributors alleged that the company fraudulently sought to extend its patent rights over Lipitor, paid Ranbaxy to delay introducing a generic version, and engaged in fake litigation with Ranbaxy concerning the drug.

Plaintiffs' lawyers said the agreement would deliver "immediate economic relief" to class members and prevent the risk of continued litigation, potential appeals, and no recovery. They noted that they will seek legal fees as high as around $31 million from the settlement fund.

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