Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) subsidiary Teva Pharmaceuticals USA Inc. and Norway's Pronova Biopharma ASA (OMX: PRON) have settled litigation over three US patents that Teva allegedly infringed. The companies did not disclose the terms of the settlement.
Two other patent cases over Pronova Biopharma's Lovaza fish oil derivative for the treatment of high blood fat (triglyceride) levels are still being heard by the US District Court for the District of Delaware. Hearings in this case were held in March and April and a ruling is due in the fourth quarter of 2011.
Teva is due to publish its financial report for the second quarter on Wednesday, July 27. Analysts expect a favorable report. A "Bloomberg" summary found that Teva has more "Buy" recommendations than any other pharmaceutical company, even though its share price has fallen over 9% since the beginning of the year.
Teva opened at $47.76 on Nasdaq today, giving a market cap of $44.9 billion, and rose 0.7% by mid-afternoon on the TASE to NIS 163.
Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2011
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