Biogen Hikes 32% on Winning U.S. Patent Ruling
Biogen’s stock hovered up tp 32% Wednesday after the drug manufacturer won a favorable U.S. patent decision for its primary multiple sclerosis drugs Tecfidera in a feud with Mylan NV.
The Patent Trial and Appeal Board (PTAB), a court run by the U.S. Patent And Trademark Office (PTO), ruled that Mylan did not prove that some claims were not patentable.
Tecfidera is Biogen’s top-selling medicine, drawing sales of $4.43 billion in 2019, i.e., 30.8% of total income. It has been the drugmaker’s principal growth factor since its roll out in 2013.
Biogen, in a stunning reversal, in October, revived plans to pursue approval for its Alzheimer’s medicine, aducanumab, months after deciding to reject trials of the drug.
The firm is “actively preparing for the potential roll-out of aducanumab with an initial focus on the U.S.,” CEO Michel Vounatsos stated on the corporate’s earnings call last week.
Permission would make aducanumab the first drug for the memory-robbing illness to arrive in the market.
While the judgment will extend Tecfidera’s patent into 2028, Wedbush analyst Laura Chico questioned the ability of the patent to resist further challenges.
Mylan said it disagreed with the ruling and planned to pursue all alternatives for appeal.
There’ll still seemingly be an appeal and also a separate generic litigation court case.
Biogen’s shares had been hovering up around 17% at $332.36 in late afternoon trading after reaching a high of $374.99.
At the session’s high, the firm was worth $67 billion, in contrast with $51.2 billion as of Tuesday close.