Teva says US Appeals Court has overturned patent on Bayer contraceptive Yasmin.
Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) said that a US Court has backed a ruling that overturned a patent behind Bayer Schering's birth control pill Yasmin.
Teva said the US Court of Appeals for the Federal Circuit supported an earlier ruling made by the US District Court for the District of New Jersey. The ruling allows Teva to launch its own generic version of the drug rather than licensing it from Bayer Schering.
Under the terms of an agreement reached in June 2008, Teva's Barr Pharmaceutical subsidiary buys a generic version of Yasmin from Bayer Schering and sells it under the name Ocella. Teva said Ocella was launched in July 2008, and sales for that year were $170.2 million.
Teva's share fell 2.4% yesterday to $52.43, giving a market cap of $45.82 billion. The share fell 2.34% to NIS 204.80 by midday on the TASE.
Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2009
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