A few weeks after Mylan N.V. (Nasdaq: MYL; TASE: MYL) announced that it had obtained marketing approval from the US Food and Drug Administration (FDA) for its generic version of 40-milligram Copaxone, the company today announced another positive development, and a negative one for Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA).
According to Mylan's announcement, at its request and that of its partner, Synthon, the UK High Court of Justice ruled that Teva's patent for 40-milligran Copaxone was invalid. "This victory is a milestone for Mylan," the company's announcement stated.
Teva's revenue from Copaxone in the first half of 2017 totaled $2.1 billion, 76% of which was from the US market. Teva's profit from the drug amounted to $1.57 billion.
Teva said in response, "We are disappointed, and do not agree with the High Court of Justice's ruling; we plan to appeal it to the UK Appeals Court. 40-milligram Copaxone is protected throughout Europe by addition intellectual property rights, and Teva plans to defend it. Copaxone, which is currently the most frequently prescribed treatment in the world for aggressive multiple sclerosis, was designed on the basis of more than two million treatment hours."
Teva's share price dropped 2.5% yesterday on Nasdaq to a new low of less than $14, reflecting a $14.1 billion market cap. Since Teva published it second quarter financial reports in early August, its share price has plunged over 55%, and its market cap has fallen by over $17 billion.
Published by Globes [online], Israel Business News - www.globes-online.com - on October 26, 2017
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