Generic version of Viagra to hit market in 2017

Pfizer Inc. has reached a settlement with Teva Pharmaceuticals that allows the generic drugmaker to launch a copycat version of popular erectile dysfunction drug Viagra in 2017, Fox News reports.

Teva will pay an undisclosed royalty for the license to produce the generic version of Viagra, which generated some $1.14 billion in U.S. sales last year and more than $2 billion worldwide.

Teva Pharmaceuticals USA Inc. will be allowed to launch its generic version in the U.S. on Dec. 11, 2017, before Pfizer's patent protecting the drug from generic competition expires in 2020.

Read more from Fox News.