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Pfizer's Flip-Flop on the Trovan Settlement

By Jim Edwards

Updated on: April 7, 2009 / 2:13 PM EDT / MoneyWatch

Pfizer is close to settling the Trovan case for $75 million, the Washington Post reported Saturday. BNET readers learned of this development on March 6. (Back story here.)

Back then, Pfizer spokesperson waved BNET off the story, saying news of a settlement was "not accurate" because talks were ongoing. A month later, the WP reports an identical number and Pfizer's response is:

We have made good progress in the negotiations.

It seems that in the intervening month, $75 million has gone from being "not accurate" to "good progress." Significantly, when BNET asked specifically yesterday whether the $75 million factor was true, Pfizer gave this statement:

"We have made good progress in the negotiations with the Kano State government. Yet, there are still several important issues that need to be resolved before a final agreement can be reached. Among other things, the parties must agree on the specifics and modalities of the health care initiatives that will be part of the settlement, as well as put in place procedures to ensure that the benefits of the settlement reach those for whom they are intended, and that the process is transparent. Pfizer is committed to bringing the Trovan matter to a fair and final resolution."

Final note: The plaintiffs in the case originally sought something like $9 billion in various claims. So Pfizer is getting this cheap.