Pfizer Ordered to Pay $38M for Stealing Trade Secrets

Pfizer has been ordered to pay $38 million in restitution for misusing and stealing trade secrets from San Bruno based Ischemia, a leading not for profit medical research firm. The suit was initially brought against Pfizer in 2002 that alleged Pfizer made a side deal with statistician Ping Hsu after the two companies could not reach a mutual agreement as to how Pfizer could use statistical and other information relating to an arthritis drug that was discontinued over adverse health concerns. The suit alleges Pfizer used proprietary data for the development of its own drug. On Jan 16, 2009, the courts will consider if additional damages, including, without limitation, punitive damages, can be added to the suit. Reports indicate that amount could exceed $100 million. Pfizer will appeal the verdict.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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