US giants face off in biggest biosimilar battle yet
The share price of the world’s biggest pharma company Pfizer (NYSE: PFE) closed 1.5% up on Wednesday while that of Johnson & Johnson (NYSE: JNJ), the globe’s largest healthcare firm, decreased by the same percentage.
Markets were reacting to news that Pfizer had filed a lawsuit against the fellow US firm, accusing it of using exclusionary contracts and other anticompetitive practices to maintain its monopoly in connection with the anti-inflammatory drug Remicade (infliximab).
J&J, which earned nearly $10 billion last year from Remicade – making it the group’s top-selling pharma product – has said there is ‘no merit in this lawsuit’.
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