Appeals Court Rules Against Amgen in Patent Case -- Update
06 October 2017 - 4:26AM
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.
The court said the jurors received improper instructions and the
district court had wrongly excluded evidence Regeneron and Sanofi
wanted to use.
Regeneron and Sanofi applauded the federal court's decision and
said they don't expect any new trial proceedings to start in
2017.
"We continue to believe that the law and facts support our
position, and we look forward to presenting our complete evidence
at trial to a new jury," said Regeneron General Counsel Joseph J.
LaRosa.
Amgen said it is disappointed by the ruling but encouraged that
the court in its ruling rejected the argument that limiting drug
choice always hurts public interest, which could help in a future
case.
"We firmly believe in the validity of our patents and we look
forward to reasserting our rights in court," Amgen said.
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 13:11 ET (17:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Sanofi (NASDAQ:SNY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sanofi (NASDAQ:SNY)
Historical Stock Chart
From Apr 2023 to Apr 2024