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Filings: Pfizer settles lawsuit involving development of painkiller Celebrex for $450 million
SALT LAKE CITY (AP) ' Pfizer Inc. has settled a lawsuit filed by Brigham Young University over development of the blockbuster painkiller Celebrex for $450 million.
Terms of the settlement weren't disclosed in an announcement Tuesday by the drug company and the Mormon Church-owned school in Utah.
However, Pfizer said in a regulatory filing Tuesday that it was taking a $450 million charge against first-quarter earnings to settle the case.
BYU's lawsuit says a chemistry professor, Daniel Simmons, discovered the genetic workings of the drug in the early 1990s. It accused Pfizer of violating a research agreement the school made with predecessor companies.
As part of the settlement, BYU plans to endow a Dan Simmons Chair in recognition of his lifelong work advancing human health.