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Name | Symbol | Market | Type |
---|---|---|---|
Sanofi | NASDAQ:SNY | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.71 | -1.41% | 49.50 | 49.20 | 51.16 | 49.835 | 49.08 | 49.09 | 2,757,468 | 01:00:00 |
By Jonathan D. Rockoff
A U.S. federal judge ruled Thursday that drugmakers Sanofi SA and partner Regeneron Pharmaceuticals Inc. infringed the patent that rival Amgen Inc. holds for its new cholesterol drug.
The decision permanently blocks Sanofi and Regeneron from selling their drug Praluent in the U.S., which would provide a big boost to Amgen's drug Repatha if the decision stands.
Both drugs were approved for sale in 2015 and belong to a new, powerful class of cholesterol fighters known as PCSK9s. Their sales have proved disappointing as health insurers have resisted paying the high prices, though analysts expect the drugs will eventually be big sellers.
RBC Capital Markets estimated peak annual sales for Repatha could as much as double to $4 billion globally without competition from its rival.
The injunction, issued by a judge from the U.S. District Court in Delaware, takes effect 30 days from now, to give Sanofi and Regeneron time to appeal or settle the case with Amgen.
Sanofi and Regeneron said they would appeal immediately.
"It is our longstanding position that Amgen's patent claims are invalid and that the best interests of patients will be greatly disserved by an injunction preventing access to Praluent," said Karen Linehan, Sanofi's general counsel.
Amgen said it was pleased with the decision and will strive to make a "smooth transition" for patients who choose to switch to its drug.
"Protecting intellectual property is essential to our industry as it reinforces the incentives for the large and risky investments we make in innovation to bring forward new medicines to treat serious diseases," said Amgen CEO Robert A. Bradway.
--Jonathan D. Rockoff
Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com
(END) Dow Jones Newswires
January 06, 2017 02:47 ET (07:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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