UPDATE 1-Lilly shares fall on concern about Zyprexa case Mon Nov 29, 2004 06:02 PM ET (Updates with Tuesday meeting, closing share prices) CHICAGO, Nov 29 (Reuters) - Uncertainty over future sales of Eli Lilly and Co.'s (LLY.N: Quote, Profile, Research) schizophrenia drug Zyprexa sent its shares down more than 2 percent on Monday as investors speculated on the potential effect should the drug maker lose patent protection on its top-selling medicine.
Lilly and a group of generic drugmakers led by Ivax Corp. (IVX.A: Quote, Profile, Research) are awaiting a decision by an Indianapolis judge over whether copycat versions of the product could be sold in the United States.
The court has scheduled a meeting with all involved parties for Tuesday afternoon, Lilly confirmed. But the company said it did not know the purpose of the meeting and the judge has promised media outlets about 48 hours' notice before issuing a ruling, so a decision is not expected to come down on Tuesday
I'd appreciate any insight on the significance of the judge calling a special meeting to discuss the Zyprexa case. Since I'm 3 years shy of a law degree, any input on why this is typically done would be welcome.