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Pfizer Shares Rise After Win in Lipitor Patent Case (Update4)

... Shares of New York-based Pfizer rose $2.32, or 10.3 percent, to $24.90 as of 1:05 p.m.

in New York Stock Exchange composite trading.

They had dropped 16 percent this year through Dec.

16.

The company's shares rose 10.3 percent on Oct.

21, 1987.

Shares of U.S.

drugmakers Merck & Co., Lilly and Bristol- Myers Squibb Co.

also soared.

Merck increased $2.11, or 7 percent, to $32.12, Bristol-Myers rose 60 cents, or 2.7 percent, to $22.62 and Lilly increased $1.32, or 2.3 percent, to $57.98.

Bristol-Myers is facing a patent challenge to its Plavix blood- thinner medicine.

AstraZeneca Shares of AstraZeneca Plc, which is facing patent challenges to its Nexium ulcer drug and Seroquel for schizophrenia, gained as much as 4.3 percent.

Shares of Paris-based Sanofi-Aventis SA, which is facing patent lawsuits over its two best-selling medicines, increased as much as 4 percent.

The issue of generic medicine is also of concern to employers and pharmacy benefit managers, since the use of generic drugs can save them millions of dollars a year.

General Motors Corp., which is seeking to reduce costs that the company says puts it at a disadvantage to rivals, will spend about $5.6 billion this year on health care.

The shares of pharmacy benefit managers, including Medco Health Solutions Inc., and managed care companies, like WellPoint Inc., dropped today.

Yet, analysts said they were reluctant to...

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