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According to media reports, the US District Court for the District of Delaware ruled that Novartis’ patent claims were invalid due to the lack of written explanation. Novartis sued several drug manufacturers in 2019 for developing generic versions that allegedly infringed Entresto’s patent.
Novartis will appeal the district court’s decision in the US Federal Court of Appeals, the pharmaceutical company announced Friday evening. The group “will continue to vigorously defend Entresto-related intellectual property rights, including a combination patent and various patents covering additional innovations.”
stock crashed
However, according to a Novartis spokesperson, according to available information, no generic Entresto product has received approval from the US drug authority. While a final appeal decision and other pending litigation involving multiple patents are pending, any market release of a generic drug after FDA approval risks subsequent litigation, the spokesperson said.
Novartis shares fell significantly in late afternoon Swiss stock trading after the first rumors about the losing decision became available. At times, shares lost almost 4.7 percent. In the end, the stock closed at minus 3.15 percent and smashed the entire SMI shortly before the market closed due to its weight.
In the first quarter, Novartis made just under $1.4 billion from the sale of Entresto. For comparison, the company’s total revenue was $12.9 billion in the first quarter. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
