Pfizer Inc. said Friday a Canadian court has blocked Novopharm Ltd. from launching a generic version of Pfizer's cholesterol-lowering drug Lipitor.

Pfizer said the Federal Court granted its application to stop Novopharm from bringing out a generic version until July 2010, when Lipitor's Canadian patent expires. The court order can be appealed.

Pfizer three-month trading

Novopharm is a Toronto-based division of Israeli drug maker Teva Pharmaceutical Industries Ltd., one of the world's largest makers of generic drugs. The Associated Press said Teva declined to comment.

"This is yet another decision recognizing the protection of the intellectual property supporting Lipitor," Pfizer general counsel Allen Waxman said in a statement.

"Pfizer will continue to vigorously defend its intellectual property rights wherever they are challenged."

Lipitor's importance to Pfizer was underscored this week when the company announced it was no longer developing torcetrapib, a drug Pfizer had hoped would replace Lipitor in its brand-name drug repertoire once Lipitor's patent protection expires.

Pfizer shares dropped more than 10 per cent the day that news was released.

Lipitor is the world's bestselling prescription drug, with annual sales of $12.2 billion US last year.

In Friday trading, Pfizer shares rose 14 cents to $25 US on the New York Stock Exchange. 

With files from the Associated Press