Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) announced yesterday that the Delaware District Court in the US had invalidated four of the company's patents in its 40mg dose multiple sclerosis treatment Copaxone, in a case between Teva and five rival companies. Teva says that it will appeal against the decision.
Teva's share price fell 9% in New York yesterday to a ten-year low. In Tel Aviv this morning, Teva is down 6.75%.
Teva's announcement states: "Teva Pharmaceutical Industries Ltd. today confirmed the US District Court for the District of Delaware ruling invalidating all asserted claims of the ‘250, ‘413, ‘776 and ‘302 patents for COPAXONE® (glatiramer acetate injection) 40 mg/mL. The patent infringement case involved five of six Abbreviated New Drug Application (ANDA) filers. Teva plans to appeal the decision."
Earlier this month, Teva updated its revenue and profit outlook and mentioned that the entry of two competitors in February this year in selling generic versions of Copaxone 40 mg would be liable to reduce its revenue by $1-1.2 billion, while earnings per share would fall by $0.65-0.80. Without competition to Copaxone, Teva expects revenue from its flagship product to total $3.8-3.9 billion, and revenue from its other brand products to total $4.25-4.65 billion.
Teva CEO Erez Vigodman said, “We intend to move forward with an immediate appeal. We will continue to vigorously protect our Copaxone franchise against further challenges and through the duration of this process.”
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2017
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