The Teva Pharmaceutical Company has reached a deal with the Ranbaxy Company of India to market the first generic version of the cholesterol lowering drug Lipitor.
Ranbaxy makes the drug in Princeton, New Jersey. A patent expired December 1 on the brand-name version, made by Pfizer, which has launched a heavy advertising campaign to keep as much revenue as possible from a very popular drug. Teva, an Israeli company with North American Headquarters in Montgomery Township, is not disclosing the terms of the agreement. It started selling generic Lipitor in Canada last year, and it has received FDA approval to start selling its own version in the U.S. in 180 days.