Pfizer financial report notes $450 million settlement with BYU in Celebrex lawsuit

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  • Capsaicin Salt Lake City, UT
    May 3, 2012 11:12 a.m.

    Pfizer made one last ditch effort with their calling out BYU for making a public statement. I realized after a bit of thought, this was a desperate plea. Of course the Jury Pool is tainted in Utah. The vast majority of potential voters (ie jurors) have a positive view of the LDS church and BYU. They also realized they had no case. Which is why they took it down to the wire....legally as far as they could. I bet they had already agreed on what kind of deal they'd give BYU and Simmons months ago.

  • Duckhunter Highland, UT
    May 2, 2012 3:10 p.m.

    @A voice of Reason and Rifleman

    No problem, they got it and that is who it was meant for.

    LOL!

  • Flashback Kearns, UT
    May 2, 2012 2:02 p.m.

    Oh to be on the jury. Pfizer got off easy.

  • Rifleman Salt Lake City, Utah
    May 2, 2012 8:46 a.m.

    Re: Duckhunter Highland, UT
    "I was being sarcastic for the benefit of the utah "fans" around here."

    Clearly I missed that as well. Sorry.

  • Rifleman Salt Lake City, Utah
    May 2, 2012 5:49 a.m.

    Re: Duckhunter Highland, UT
    "But I thought BYU wasn't a reasearch institution?"

    Apparently you are wrong. "Brigham Young University (BYU), located in Provo, Utah, United States, is a private, coeducational research university owned by The Church of Jesus Christ of Latter-day Saints".

    As 'A voice of Reason' noted, all universities do research. Now BYU can afford to do a lot more.

  • A voice of Reason Salt Lake City, UT
    May 1, 2012 9:25 p.m.

    Duckhunter,

    Yeah I clearly missed that. All I had to read was cold fusion and I completely appreciate the comment now.

  • Duckhunter Highland, UT
    May 1, 2012 9:17 p.m.

    @A voice of Reason

    I was being sarcastic for the benefit of the utah "fans" around here. It sounds like this research turned out a little bit more successfully than that whole cold fusion thing.

  • Mountanman Hayden, ID
    May 1, 2012 9:15 p.m.

    I don’t know why some people hate pharmaceutical companies. If you are one, next time you get sick, don’t use any of their miracle drugs! Problem solved!

  • Cats Somewhere in Time, UT
    May 1, 2012 8:26 p.m.

    This has nothing to do with the free market. It is a legal and contractual issue. Free market doesn't come into it.

  • A voice of Reason Salt Lake City, UT
    May 1, 2012 6:37 p.m.

    Duckhunter,

    What school doesn't do research? If you want to look at the research the U, Weber, Harvard, Oxford, Stanford, Yale, or sometimes even the smallest of liberal arts colleges do- you'd see that every school does research (either for themselves or paid for by someone else to get funding for the school).

    Aggielove,

    You don't HAVE to pay for a meal, but if you don't you certainly might go hungry.

  • Aggielove Cache county, USA
    May 1, 2012 6:05 p.m.

    Does this mean I don't have to pay tithing for a couple of months?

  • LifeLibertyHappiness Draper, UT
    May 1, 2012 5:32 p.m.

    It's interesting how people make such broad judgments against Pfizer, BYU, the free market system. None of you were there during the negotiations. You don't know the terms. As one person pointed out, it could just be an installment. Having been involved in situations like this, it's almost always better to settle. No one knows the details except those who where there. It has nothing to do with anyone robbing anyone or the free market system. Intelligent people sat down, represented their interests and came to an agreement. Everyone must have been happy with the outcome or they wouldn't have settled.

  • Duckhunter Highland, UT
    May 1, 2012 5:29 p.m.

    But I thought BYU wasn't a reasearch institution? Pretty big settlement for some research done by a non research institution.

  • Veracity Morgan, UT
    May 1, 2012 5:09 p.m.

    Pete1215

    I'm pretty sure my average cost of medicine is pressured up by such rulings (as will be all of yours).

    So, to follow your logic, we (or an institution in this case) should just duck our heads, turn and take the licking...The cost of drugs are way over priced anyway compared to their cost to make...but to follow your statement, we should just let them do whatever they want...I for one would not and kudo's to BYU for feeling the same.

  • Cats Somewhere in Time, UT
    May 1, 2012 4:25 p.m.

    Pfizer clearly didn't want to go to trial.

    Go Cougars!!!!!!

  • BYU Track Star Los Angeles, CA
    May 1, 2012 2:57 p.m.

    It would appear that BYU settled for about ten cents on the dollar from its original claim. As a tithe payer it brings up the question of governance of BYU's Legal Department also the Church's Legal department. One of the finest Legal minds in the United States is settling in the council of the Twelve. Oh, to be a fly on the wall.

    Getting an additional 3 Billion Dollars would have advanced BYU's academic stature measurably by decades. To quote Brando from "One the Waterfront". "I could have been a contender, but you sold me out"

    I kind of feel like that French Peasanr from "Tale of two Cities" who child was run over by a nobleman's coach. Yes, the Ms.Pfizer threw us some gold coins but justice was not seved IMHO. More like Lets make a deal.

  • The Rock Federal Way, WA
    May 1, 2012 2:55 p.m.

    We don't know the full terms of the agreement. The $450,000,000 could just be the first installment. It could include royalties for the next few years at 30% (to compensate for the last few years of not getting royalties).

    This revenue could help BYU greatly increase their academic standing and the quality of their facilities.

    Hats off to BYU on this one.

  • Pete1215 Lafayette, IN
    May 1, 2012 2:38 p.m.

    I'm pretty sure my average cost of medicine is pressured up by such rulings (as will be all of yours).

  • 3grandslams Iowa City, IA
    May 1, 2012 2:08 p.m.

    Congratulations BYU, way to not backdown to Pfizer! Pfizer tried to play hard ball last week and could see where this was going. Hmmm do you pay billions or millions to get out of this one.

    Once again...Go Cougars!

  • Grouper Loveland, CO
    May 1, 2012 1:18 p.m.

    good news. Time to celebrex. Of note is that Pfizer still has to bear the ongoing burden of liability suits, so when you start talking about "percentage of profit" etc, you need to appreciate that BYU's share comes with no strings attached. I think it was a good deal for both parties.

  • JoeCapitalist2 Orem, UT
    May 1, 2012 1:11 p.m.

    Sometimes big businesses lie, cheat, steal and do other unethical behaviour that is grossly unfair to the little guy who actually invented something.

    Sometimes the little guy tries to use the power of the courts to unfairly try to profit from the success of legitimate product development and substantial market risk on the part of big business when he didn't make a substantial contribution.

    It is completely unjustified to group all businesses or individuals into one category or the other. Not all businesses are evil. Not all litigants are patent trolls or extortionists.

    Who knows what the real story in this case was. Since neither party seemed to want to roll the dice to find out what a jury thinks, we may never know.

  • wazzup Cottonwood Heights, UT
    May 1, 2012 1:04 p.m.

    How much does BYU get and how much do you think Simmons will see? In addition, wonder if there are on-going royalties to be paid to BYU/Simmons.

  • don17 Temecula, CA
    May 1, 2012 1:00 p.m.

    The mention of 450 Million dollars does not mean necessarily that was the extent of the agreement. That could be just the initial agreement for this year. Are royalties still possible? Is the 450 Million just an initial payment? We don't know all the details so I guess it would be difficult to determine whether this was a good, bad or equal solution. If BYU settled for just 450 million and it could have been more then it may have been that BYU's position was present but not strong enough to reach a multi billion dollar settlement. The confidentiality agreement will leave us without an answer until the company files it's next yearly statement.

  • Rifleman Salt Lake City, Utah
    May 1, 2012 12:20 p.m.

    Re: ironmania San Diego, CA
    "In the end, this decision came back to cost the university dearly in time and legal fees just to arrive at this "amicable settlement."

    A $450 million dollar amicable settlement in BYU's favor wasn't a waste of either their time or their money. To the winner go the spoils.

  • JELLI Salt Lake City, UT
    May 1, 2012 12:19 p.m.

    So, Pfizer/Monsanto gets away with theft of intellectual property with a slap on the wrist penalty of paying BYU less than 2% of Celebrex sales. The article states BYU contended they were owed "reasonable royalties" of 15%...sounds amicable to me.

    Stolen intellectual property for life and saved $5 billion to boot. I guess this is the epitome of our free market system.

  • San Diego Chargers Fan San Diego, CA
    May 1, 2012 12:14 p.m.

    gdog3finally says: "Pfizer and Monsanto are the darkest of enemies to humanity."

    Seems a bit over the top. Enemies to humanity -- really? Seems to me that an organization willing to invest millions into discovery, development, clinical trials and production of lifesaving medicines is hardly an enemy to humanity. Pfizer has brought us cholesterol-lowering Lipitor, the neuropathic pain/fibromyalgia drug Lyrica, the oral antifungal medication Diflucan, the antibiotic Zithromax, and of course, Viagra, in addition to the anti-inflammatory Celebrex.

    So, the next time you have strep throat and you beg your doctor for a Z-pack, I wonder if you will be so negative.

  • ironmania San Diego, CA
    May 1, 2012 12:00 p.m.

    The alleged contract breaches took place in an era before most universities had full-fledged technology transfer offices.

    If the same events were to happen today, no materials or data would have changed hands until all sorts of licenses and agreements were in place, securing the ownership of any intellectual property that might result.

    Really, some simple precautionary steps would have prevented this costly and drawn out legal battle. Instead, the chemistry department at BYU thought at the time that it was a waste of time and money to worry about such formalities. In the end, this decision came back to cost the university dearly in time and legal fees just to arrive at this "amicable settlement."

  • gdog3finally West Jordan, Utah
    May 1, 2012 11:40 a.m.

    I am encouraged to see BYU push back but they have enough power to have gone for the juggler here. Pfizer and Monsanto are the darkest of enemies to humanity.

    I am glad to see Dr. Simmons and BYU earn some respect to a degree, but there is more here than profit and credit if you ask me. If you can cripple an enterprise that preys upon the weak like Pfizer and Monsanto does, then you should do it. I believe BYU could have flexed its' justified muscles more in this case.

    Good for you BYU and Dr. Simmons (sort of).

  • Rifleman Salt Lake City, Utah
    May 1, 2012 11:13 a.m.

    "The report, however, made reference to a "$450 million charge in connection with an agreement-in-principle to settle a lawsuit by Brigham Young University"

    Congratulations to BYU. Pfizer decided to quit while the quitting was good.