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Perrigo Company Public Limited Company Message Board

  • Adelantado Adelantado Nov 9, 2010 6:48 PM Flag

    why today's precipitous drop: its a patent

    Merck & Co.’s Schering-Plough unit won an appeals court ruling that revives its effort to block Teva Pharmaceutical Industries Ltd. from selling a generic form of the brain-cancer drug Temodar until 2013.

    The U.S. Court of Appeals for the Federal Circuit in Washington said in an opinion today that a judge erred in ruling the patent unenforceable and sent the case back for further proceedings.

    Teva, the world’s biggest generic-drug company, said it won’t sell copies of Temodar during the appeal. The two sides agreed that if Merck won, Teva could begin selling the copy in August 2013, six months before the patent expires. Temodar, approved by U.S. regulators in 1999, generated $799 million in global sales during the first nine months of this year, Merck said Oct. 29.

    “The court appropriately ruled that the patent for Temodar in the U.S. is enforceable,” Bruce N. Kuhlik, general counsel of Whitehouse Station, New Jersey-based Merck, said in a statement today. “We invest heavily in R&D to discover innovative medicines like Temodar, and we will vigorously defend our intellectual property rights.”

    Denise Bradley, a spokeswoman for Teva, said the Petah Tikva, Israel-based company had no comment.

    Perrigo Falls

    Perrigo Co., which will supply the active ingredient for Teva’s version, fell the most since February 2009. It dropped $4.29, or 6.7 percent, to $59.74 at 4 p.m. New York time in Nasdaq Stock Market trading.

96.67+0.22(+0.23%)Apr 29 4:02 PMEDT