(Reuters) – A U.S. district courtroom on Thursday dominated in favor of generic drugmaker Mylan NV in a patent dispute over Biogen Inc’s blockbuster a number of sclerosis drug, Tecfidera, sending Biogen’s shares down practically 6%.
Tecfidera has been Biogen’s principal progress driver because it was launched in 2013, producing gross sales of $4.43 billion in 2019, accounting for practically a 3rd of complete income.
A courtroom within the Northern District of West Virginia dominated Mylan had established that the asserted claims of Biogen’s patent have been invalid.
The ‘514 patent provided exclusivity into 2028 and with another Biogen patent set to expire on Friday, the ruling creates a significant issue for the company to contend with, Wedbush analyst Laura Chico said.
Biogen said it would appeal the ruling. Mylan did not immediately respond to a Reuters request for comment.
The patent loss is a major setback and an appeal process could take up to a year, Citi analyst Mohit Bansal said. Biogen would likely seek an emergency order to prevent Mylan from launching its generic version during the time, he added.
Adding to investor concerns is Biogen’s latest choice to delay searching for approval for its Alzheimer’s drug. Development of the potential blockbuster has confronted many hurdles.
Biogen late final 12 months revived plans to pursue an approval for the Alzheimer’s drug, aducanumab, months after deciding to scrap its trials.
Mylan’s shares have been up 3.9% at $16.58, whereas Biogen was down 5.9% at $264.97.
Reporting by Saumya Sibi Joseph and Manas Mishra in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta