Appeals Court Rules Against Amgen in Patent Case
06 October 2017 - 4:13AM
Dow Jones News
By Cara Lombardo
A U.S. federal appeals court said Thursday Regeneron
Pharmaceuticals Inc. and partner Sanofi SA can continue selling
their cholesterol drug, dealing a blow to rival Amgen Inc., which
had accused the companies of violating its patents.
Judge Sharon Prost of the U.S. Court of Appeals for the Federal
Circuit in an opinion called for a new trial and allowed the
companies' drug, Praluent, to remain on the market for now. The
court in February allowed the companies to continue selling
Praluent while the appeal was ongoing.
Mizuho analyst Salim Syed called the ruling a "modest negative"
for Amgen. "The bottom line here is that there is no definitive
winner or loser yet in this litigation," wrote Mr. Syed in a
research note Thursday. While the ruling hurts Amgen by keeping
Praluent on the market for at least another year, it doesn't mean
the drug won't eventually be taken off the market, he wrote.
Regeneron shares have been halted Thursday on the news. Amgen
shares fell 1.9%, while ADRs in Sanofi rose 0.2%.
Praluent and Amgen's competing drug Repatha, each approved for
sale in 2015, belong to a new class of cholesterol fighters known
as PCSK9s.
Analysts initially expected the drugs to be multibillion-dollar
sellers, but health-insurance plans have restricted use because
they can cost $14,000 per patient each year.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
October 05, 2017 12:58 ET (16:58 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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