Novo Nordisk Suing Mylan Over Generic Victoza Drug
News of Novo Nordisk suing Mylan is spreading as the two companies prepare for a legal battle.
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The reason behind the upcoming legal battle has to do with Victoza. This is Novo Nordisk’s (NYSE:NVO) drug for treating diabetes. Mylan (NASDAQ:MYL) is looking to market its own generic version of the drug, which is where the rub comes from.
Novo Nordisk is seeking to block any efforts by Mylan to market its generic version of Victoza. Having a generic version of the drug available would eat into the revenue the company would make from selling its name brand version.
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Novo Nordisk is also seeking to protect its products that still have patent protection. The patents surrounding Victoza will start expiring in July 2021 and the last one will reach its expiration date in March 2033, reports BioSpace.
Novo Nordisk suing Mylan specifically has to do with this new drug from the latter being an alleged illegal generic of its own. The company is filing this lawsuit in response to an abbreviated new drug application filed by Mylan with the U.S. Food & Drug Administration.
The lawsuit from Novo Nordisk against Mylan was filed on Monday. This had the company filing its lawsuit with the U.S. District Court for the District of Delaware. Lawsuits can be lengthy procedures, so it will likely be some time before we see the outcome of this one.
NVO stock was up 1% and MYL stock was down slightly as of Thursday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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