Pfizer Inc.’s non-operating Quigley Co. unit won permission to have creditors vote on a bankruptcy plan that would bar most asbestos claims against the two companies, as a judge said the issue of whether Pfizer bought votes will be addressed later.
Pfizer Inc. agreed to lend its Quigley unit as much as $65 million in cash to extend the subsidiary’s bankruptcy, potentially giving Pfizer further protection against claims for asbestos-related health issues.
Affiliates of a consumer group sued eight drugmakers including Pfizer Inc., Abbott Laboratories and GlaxoSmithKline Plc, accusing the companies of illegally offering coupons to reduce copayments for brand name drugs.
Pfizer Inc. , the world’s largest drug company, should have the bankruptcy of its Quigley unit which has protected it from asbestos-related health problems since 2004 dismissed, lawyers for the U.S. Trustee said.