Pfizer unit to pay $784.6 mln in Medicaid rebate settlement

Pfizer said its Wyeth unit has agreed to pay $784.6 million to settle cases related to the calculation of Medicaid rebates for a drug between 2001 and 2006.

The claims alleged that Wyeth's calculation of rebates for Protonix violated the Federal Civil False Claims Act and other laws.

Pfizer also said it was reissuing its financial results for the fourth quarter and the full year to reflect this charge.